VANCOUVER, BC, January 9, 2019 – Nicola Mining Inc. (the “Company”) is pleased to announce that, further to its News Releases of November 13, 2019 and November 21, 2019, it has completed a second and final tranche of its non-brokered private placement (the “Offering”) pursuant to which it issued an aggregate of $350,000 of secured convertible debentures (the “Debentures”). The Company has raised total proceeds of $7,350,882 from the closing of the first and second tranches of the Offering. The Debentures include the following key terms:
- the Debentures shall bear interest at a rate of 10% per annum, which interest shall be payable annually, in cash or in common shares (each, a “Share”) of the Company, at the option of the Company;
- the Debentures will mature three years after the date of issuance (the “Maturity Date”), and the principal amount of the Debentures, together with any accrued and unpaid interest shall be payable on the Maturity Date;
- the principal amount of the Debentures shall be convertible into Shares prior to the Maturity Date, at the option of the holder, at a conversion price of $0.10 per Share; and
- the repayment of the outstanding principal and interest of the Debentures will be secured against the assets of the Company.
The Company did not pay any finder’s fees in connection with the Offering.
Proceeds from the Offering will be used for general working capital and may be used to repay existing debentures.
The Debentures and any Shares issued upon conversion of the Debentures are subject to a statutory hold period expiring on the date that is four months and one day after the closing of the Offering.
On behalf of the Board of Directors
CEO & Director
For additional information contact:
Telephone: 778. 385.1213
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.