07:03:58 EST Thu 09 Feb 2023
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Nicola Mining Inc
Symbol NIM
Shares Issued 292,022,677
Close 2022-12-06 C$ 0.10
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Nicola completes debenture amendments

2022-12-06 17:08 ET - News Release

Mr. Peter Espig reports

NICOLA MINING ANNOUNCES CLOSING OF AMENDMENTS TO SUBORDINATED SECURED CONVERTIBLE DEBENTURES

Further to Nicola Mining Inc.'s news release of Nov. 29, 2022, it has completed the amendments to the secured convertible debentures by issuing amended and restated convertible debenture certificates in the aggregate principal amount of $5,613,706 to certain holders.

The debentures mature on Nov. 21, 2025, and bear interest at the rate of 10 per cent per annum. The debentures are convertible into common shares of the company at a conversion price of 8.5 cents per share for the period from Nov. 21, 2022, to Nov. 21, 2023, and 10 cents thereafter unless the company completes a consolidation, then the conversion price shall be equal to 8.5 cents multiplied by the consolidation ratio subject to a minimum conversion price of 10 cents. The company is permitted to prepay all or any portion of the outstanding principal of the debenture, and accrued and unpaid interest thereon, at its sole discretion without penalty or bonus.

An insider of the company is the beneficial owner of debentures in the aggregate amount of $4,687,500, which constituted a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuance to the insider is exempt from the valuation requirement of MI 61-101 by the virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) as the value of the debentures did not exceed 25 per cent of the company's market capitalization.

About Nicola Mining Inc.

Nicola Mining is a junior mining company listed on the TSX Venture and Frankfurt exchanges that maintains a 100-per-cent-owned mill and tailings facility, located near Merritt, B.C. It has signed mining and milling profit share agreements with high-grade gold projects. Nicola's fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The company owns 100 per cent of the New Craigmont project, a high-grade copper property, which covers an area of 10,913 hectares along the southern end of the Guichon batholith and is adjacent to Teck Resources Ltd.'s Highland Valley Copper, Canada's largest copper mine. The company also owns 100 per cent of the Treasure Mountain property, consisting of 30 mineral tenures covering 513 hectares (ha) and a mining lease covering 335 ha.

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