Nine Mile Metals Ltd (OTCMKTS:VMSXF) Stock Recovers After The Fall
On Monday Nine Mile Metals Ltd (OTCMKTS:VMSXF) had come on to the news cycle after it made a key new announcement. The company announced that it made an update in the terms of its flow through private placement.
Trading Data
On Friday, VMSXF stock soared 16.82% to $0.1000 with more than 409.27K shares, compared to volume of 112.20K shares. The stock moved within a range of $0.0702 – 0.1000 after opening trade at $0.0772.
Nine Mile Metals Updates Flow Through Financing
The private placement would consist of placing a maximum of 2666667 flow through units for $0.15 each for generating gross proceeds to the tune of $400000. A solitary flow through unit would be made up of one common share in in the company issued on a flow through basis and a common share purchase warrant. The warrant would be issued on a non-flowthrough basis.
The holder of the warrant would be entitled to pick up a common share in Nine Mile Metals for the price of $0.23 each for up to 24 months since the day of issuance. The flow through shares are meant for qualifying as flow through shares as per the provisions of the subsection 66(15) of the Income Tax Act of Canada. Those who are going to be involved in introducing subscribers to the offering could also receive a commission to the tune of 7% in the form of cash and 7% common share purchase warrants from Nine Metals.
