Nicola Mining Announces Closing of Non-Brokered Private Placement

 Aug 25, 2016 | News Releases

TSX.V: NIM
NEWS RELEASE

VANCOUVER, B.C., August 25, 2016 – Nicola Mining Inc. (the “Company”) is pleased to announce that, on August 24, 2016, it completed a non-brokered private placement financing (the “Financing”) as further described in its news release of August 23, 2016. In connection with the closing, the Company sold an aggregate of 18,337,665 units (each, a “Unit”), at a price of $0.12 per Unit, for gross proceeds of $2,200,519.80. Each Unit consists of one common share of the Company (each, a “Share”) and one share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one additional Share at a price of $0.18 per Share for a period of three years from the date of issuance.

Proceeds from the Financing will be used for general working capital.

The Company paid cash finders fees of $29,792 and issued 248,266 share purchase warrants (the “Finder’s Warrants”) to three finders in connection with certain subscriptions in the Financing. The Finder’s Warrants have the same terms as the Warrants.

Insiders of the Company were issued an aggregate of 933,333 Units under the Financing, which constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance to insiders is exempt from the valuation requirement of MI 61-101 by 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(a) of MI 61-101 in that the fair market value of the consideration of the shares issued to the related parties did not exceed 25% of the Company’s market capitalization.

The securities issued under the Financing, and the Shares that may be issuable on exercise of the Warrants and the Finder’s Warrants, are subject to a statutory hold period expiring on December 25, 2016.

On behalf of the Board of Directors

“Peter Espig”

Peter Espig

CEO & Director

For additional information

Contact: Peter Espig
Phone: (604) 647-0142
Email: peter@nicolamining.com

Disclaimer for Forward-Looking Information

Certain statements in this press release related to the Financing and the securities issuable thereunder are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the proposed use of proceeds of the Financing and the resale restrictions relating to the securities issued. Such statements are subject to inherent risks and uncertainties that may cause such statements to become inaccurate, including factors that cause the Company to spend the proceeds otherwise than as contemplated in this news release, and other factors beyond the control of the Company. Such forward-looking statements should be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable laws.

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.

Nicola Mining Announces Non-Brokered Private Placement

Aug 23, 2016 | News Releases

TSX.V: NIM

NEWS RELEASE 

VANCOUVER, B.C., August 23, 2016 – Nicola Mining Inc. (the “Company”) announces that, subject to regulatory approval, it has arranged a non-brokered private placement financing (the “Financing”) of 18,337,665 units (each, a “Unit”) at a price of $0.12 per Unit for gross proceeds of $2,200,519.80. Each Unit will consist of one Share and one share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one additional Share at a price of $0.18 per Share for a period of three years from closing. Insiders may participate in the Financing.

Finders’ fees may be payable in connection with the Financing in accordance with the policies of the TSX Venture Exchange (the “Exchange”).

All securities issued in connection with the Financing will be subject to a statutory hold period expiring four months and one day after closing of the Financing. Completion of the Financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Exchange.

The proceeds of the Financing will be used for working capital purposes.

Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange, and is in the process of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings facility, located near Merritt, British Columbia. It has already signed four mill profit share agreements with high grade gold producers. The fully-permitted mill is able to process both gold and silver mill feed via gravity and floatation processes. The Company also owns 100% of Treasure Mountain, its high grade silver property, and a gravel pit, which is located adjacent to its milling operations. Please visit the website at www.nicolamining.com 

On behalf of the Board of Directors

“Peter Espig”

Peter Espig

CEO & Director

For additional information

Contact: Peter Espig
Phone: (604) 647-0142
Email: peter@nicolamining.com

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.

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Nicola Mining Commences Milling Operations

TSX.V: NIM
NEWS RELEASE

VANCOUVER, B.C., June 16, 2016 – Nicola Mining Inc. (the “Company”) is pleased to announce that it has commenced milling operations at its 200 tonne per day mill facility (the “Mill”), located 14 kilometers from Merritt, British Columbia.  The Company has completed successful test runs to confirm gold recovery rates and has commenced processing of material received from Gavin Mines Inc. (“Gavin Mines”).  Terms of the Milling and Profit Share Agreement (the “GMI Agreement”) were announced in the Company’s news release of May 31, 2016.    Under the GMI Agreement the Company will produce both gravity and flotation concentrates that will be sold to third parties for production of gold doré bars. The Company plans to mill the initial amount of approximately 5,000 tonnes and will consider the option of processing an additional 1,000 tonnes of material located in a separate stockpile.

The Company collected 62 representative samples, approximately 2 kg each, from 31 truckloads of material for grade control prior to processing. All samples returned significant gold grades ranging from 0.575 g/t gold to 33.6 g/t gold, with an average grade of 9.53 g/t gold. 31 of the samples collected returned values over 8 g/t gold. 

Peter Espig, Chief Executive Officer of the Company, commented, “We are very excited to have the Mill running and commencing gold processing.  The startup has had a few delays and required adjustments; however, we continue to move towards becoming BC’s newest high-grade gold and processor.”

The Company also announces that it has issued 200,000 options to a key member of the technical team.

Quality Control

The sampling of Gavin Mines mill feed was supervised by Brian May, P.Geo., a Consulting Geologist with the Company, who is responsible for the sampling procedures prior to processing at the Mill. On-site personnel at the project collected 2kg representative samples from each truckload arriving at the Mill. Samples were labeled by the Mill staff according to the truckload number. Samples were then analyzed by the geological team to determine rock type and whether the material was oxide or sulphide. The material was then given defined sample numbers, security sealed and shipped to Actlabs (ISO 17025) in Kamloops, BC for analysis. The Company routinely inserts standard reference material and rock blanks to ensure accuracy and precision.

The Company also records and documents gross weight, tare weight and net weight (in kilograms) and the arrival time and date of all trucks shipping material to site.

Qualified Person

Brian May, P.Geo., a Consulting Geologist with the Company and qualified person as defined by National Instrument 43-101, has reviewed the scientific information that forms the basis for this news release, and has approved the disclosure herein. Mr. May is not independent of the Company, as he is a shareholder of the Company.

Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange, and is in the process of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings facility, located near Merritt, British Columbia. It has already signed four mill profit share agreements with high grade gold producers. The fully-permitted mill is able to process both gold and silver mill feed via gravity and floatation processes. The Company also owns 100% of Treasure Mountain, its high grade silver property, and a gravel pit, which is located adjacent to its milling operations.  

On behalf of the Board of Directors

“Peter Espig”

Peter Espig

CEO & Director

For additional information

Contact: Peter Espig

Contact: (604) 647-0142 

peter@nicolamining.com

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.

Disclaimer for Forward-Looking Statements

This news release contains projections and forward-looking statements that involve various risks and uncertainties regarding future events. Such forward-looking statements are based on current expectations of management and a number of risks and uncertainties and are not guarantees of future performance of the Company. These statements include statements regarding the Company’s expected processing timing and capabilities, statements regarding the milling and profit sharing agreements and statements regarding potential future plans. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including the inability of the Company to effect the expanded operations; the timing of delivery of material to the Mill site; the timing and price of delivery and processing of same; and other factors beyond the Company’s control. Actual results and future events could differ materially from those anticipated in such forward-looking statements. These and all subsequent written and oral forward-looking statements are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not assume any obligation to update any forward-looking statements in this news release should circumstances or management’s estimates or opinions change.

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Nicola Mining Announces Closing of Strategic Private Placement of $164,000

Nicola Mining Announces Closing of Strategic Private Placement of $164,000

May 31, 2016 | News Releases 

TSX.V: NIM
NEWS RELEASE

VANCOUVER, B.C, MAY 31, 2016 – Nicola Mining Inc. (the “Company”) announces that it has successfully closed a private placement of $164,000 with strategic investors that were unable to participate in the recent Fourth Tranche Unit Financing, which the Company announced in its news release of May 2, 2016.

The Company sold an aggregate of 2,050,000 Units for gross proceeds of $164,000. The Company did not pay any finder’s fees in connection with the private placement.

Proceeds of the financing will be used for general working capital.

The securities issued under the financing, and the Shares that may be issuable on exercise of the Warrants and the broker warrants, are subject to a statutory hold period expiring on September 28, 2016.

On behalf of the Board of Directors

“Peter Espig”                                         

Peter Espig

CEO & Director

For additional information
Contact: Peter Espig
Contact: (604) 647-0142
peter@nicolamining.com

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.

Nicola Mining Announces Strategic Private Placement of $164,000

May 25, 2016 | News Releases

TSX.V: NIM

NEWS RELEASE

VANCOUVER, B.C., MAY 25, 2016 – Nicola Mining Inc. (the “Company”) announces that it plans to raise up to $164,000 with strategic investors that were unable to participate in the recent Fourth Tranche Unit Financing, which the Company announced in its news release of May 2, 2016. The current financing will be on the same terms as the Fourth Tranche. The Company intends to sell up to 2,050,000 Units for gross proceeds of up to $164,000.

Each Unit will consist of one common share of the Company (each, a “Share”) and one share purchase warrant (each, a“Warrant”). Each Warrant will be exercisable into one Share at a price of $0.15 per Share for a period of two years from the date of issuance.

Proceeds from the current financing will be used for general working capital.

All securities issued pursuant to the current financing will be subject to a statutory hold period expiring four months and one day after closing of the Financing.

On behalf of the Board of Directors

“Peter Espig” 
Peter Espig
CEO & Director

For additional information
Contact: Peter Espig
Phone: (604) 647-0142
Email: peter@nicolamining.com

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. 

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Nicola Mining (TSX.V:NIM) CEO: We Have What B.C. Gold Miners Need

Nicola Mining (TSX.V:NIM) CEO: We Have What B.C. Gold MinersNeed

With near-term cash flow expected, Nicola Mining Inc. (TSX.V:NIM) has what other British Columbia based gold mining companies badly need – a fully-permitted mill to process ore. Company CEO Peter Espig tells SmallCapPower that further upside can be found in its promising copper project, in addition to a high-grade silver property. 

Discover more by watching the interview.

Copyright © 2016 Nicola Mining Inc., All rights reserved. 

Nicola Mining Inc. Increases Land Package with the Acquisition of the Montwest Claim

TSX.V: NIM
NEWS RELEASE

VANCOUVER, B.C., / April 28, 2016 - Nicola Mining Inc. (the "Company" or "Nicola") is pleased to announce that it has recently added an additional mineral tenure, approximately 1280 hectares, to its Thule mineral claim package. Referred to as the Montwest claim, it is situated to the west of the southern extension of the north-south trending Lornex Fault. The claim is situated within the Lower Cretaceous Spences Bridge Group, an andesitic to rhyolitic volcanic arc belt of rocks and is contiguous with the Thule land package, bringing the total size of the land package from 8,804 hectares to 10,084 hectares. The claim is accessible by a series of skid trails.

The Montwest claim features a historic regional geochemical survey (RGS) stream sediment gold anomaly situated on Gordon Creek. Previous operators have attempted to locate the anomaly through soil and silt sampling to the northeast and south of the anomaly. Through work on its Thule claims, Nicola recently uncovered a large brown colour anomaly defined by a regional magnetic high. Reconnaissance prospecting of this colour anomaly located a zone of unexplored basaltic andesite outcrop to the northwest of the gold anomaly within a series of north to northeast trending gulleys. Basaltic andesite within the Spences Bridge Group is considered a permeable host to several precious metal epithermal occurrences and deposits throughout the Spences Bridge gold belt.

The Company is planning a small grassroots prospecting and soil sampling program to locate the source of this anomaly, which will be conducted concurrently with a diamond drill program on its historical Thule Claims, as announced in its March 3, 2016 news release. The Company announced on January 3, 2014 that it had closed a tranche of flow through financing to help finance its 2016 Exploration Program.

Thule Property

The Thule copper property is 100% owned by Nicola and consists of 21 mineral claims and 10 mineral leases covering approximately 10,084 hectares. Carbonate rich Nicola Group volcano-sedimentary units and intrusive rocks found along the southern flanks of the Guichon Batholith compose the majority of the property which is located approximately 30 km south of the Highland Valley Copper operation. There are two dominant styles of mineralization on the property: copper iron skarn and copper porphyry. The most important discovery to date on the property has been the past producing Craigmont copper-iron mine, located in the central part of the claims. Craigmont operated from 1961 to 1982, as an open pit-mine and as an underground sub-level block cave mine. Over its operating life, the mine produced 34,000,000 metric tonnes of ore, averaging 1.28% copper, from Body No.1 and Body No.2. Craigmont shut the mine down in 1982 due to a policy decision by the board at a time when the copper price was approximately $0.60 per pound.

For further details on the Thule copper property, see the technical report entitled "TECHNICAL REPORT on the THULE COPPER - IRON PROPERTY, Southern British Columbia, Canada", filed on May 8, 2013 on Sedar at www.sedar.com.

Qualified Person

The foregoing geological disclosure has been reviewed and verified by Brian May, P.Geo., a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Nicola Mining Inc.

Nicola Mining Inc. is junior mining company listed on the TSX Venture and is in the process of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings facility, located near Merritt, British Columbia. It has already signed four mill profit share agreements with high grade gold properties. The fully-permitted mill is able to process both gold and silver mill feed via gravity and floatation processes. The Company also owns 100% of the Treasure Mountain, its high grade silver property and a gravel pit, which is located adjacent to its milling operations.

On behalf of the Board of Directors

"Peter Espig" 

Peter Espig

CEO & Director

For additional information

Contact: (604) 647-0142 or peter@nicolamining.com

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.

Cautionary Note Regarding Forward Looking Information:

This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information includes, without limitation, statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company or Siwash such as the statements that Siwash will extract mill feed from its Monument Gold Zone Property and ship this to Nicola, that Nicola will process the mill feed into concentrate and then arrange for the sale of the concentrate to smelters and third parties, the quantity of mill feed that may be extracted under the sample permit if granted, regarding the plans for storage of the mill feed, the expected grade of the mill feed, plans for allocation of costs and profit associated with mining and milling, and Nicola’s intention to progress towards operational cash flow. There are numerous risks and uncertainties that could cause actual results and the Company and Siwash’s plans and objectives to differ materially from those expressed in the forward-looking information, including the inability of the  parties to complete the proposed mining and milling activities as proposed or at all, that the bulk sample permit may not be granted, that the Company may not be able to successfully negotiate agreements for the sale of the concentrates, and that the mill feed may not be of a grade or quality that is sellable, and other factors beyond the Company and Siwash’s control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, neither the Company nor Siwash assume any obligation to update forward-looking information should circumstances or management’s estimates or opinions change.

Nicola Mining Announces Increase in Unit Financing

 Apr 21, 2016 | News Releases

TSX.V: NIM

NEWS RELEASE

VANCOUVER, B.C. April 21, 2016 – Nicola Mining Inc. (the “Company”) announces that it is increasing the size of its non-brokered private placement (the “Financing”) announced on November 19, 2015. The Company previously disclosed that it would issue up to 28,125,000 units (each, a “Unit”) at a price of $0.08 per Unit for gross proceeds of up to $2,250,000. The Company today announces that it has increased the number of Units to be issued, such that it will issue up to 34,375,000 Units for gross proceeds of up to $2,750,000. The terms of the Units remain as announced on November 19, 2015. To date, the Company has raised a total of $2,084,500 from the closing of the first, second and third tranches of the Financing. Closing of the Financing remains subject to the approval of the TSX Venture Exchange.

The Company may pay finder’s fees in connection with the issuance of the Units.

The use of proceeds will be used for general working capital.

All securities issued pursuant to the Financing will be subject to a statutory hold period expiring four months and one day after closing of the Financing.

On behalf of the Board of Directors

“Peter Espig”                                       

Peter Espig

CEO & Director

For additional information

Contact: Peter Espig

(604) 647-0142   peter@nicolamining.com

Disclaimer for Forward-Looking Information

Certain statements in this press release related to the Financing and the securities issuable thereunder are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the proceeds to be raised pursuant to the Financing, the terms of the securities issuable pursuant to the Financing, resale restrictions relating to the securities to be issued, the use of proceeds of the Financing and receipt of the approval of the TSX Venture Exchange. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Company’s ability to complete the Financing, including the risk that the Financing may not be completed as expected or at all, that the security interests may not be as set out in this news release, that the proceeds of the Financing may be used other than as set out in this news release, that the TSX Venture Exchange may not approve the Financing and such other factors beyond the control of the Company. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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.

Nicola Mining Inc. Receives Permit Amendment Approval for Custom Milling

Nicola Mining Inc. Receives Permit Amendment Approval for Custom Milling

Apr 18, 2016 | News Releases 

TSX.V: NIM

NEWS RELEASE

VANCOUVER, B.C., April 18, 2016 – Nicola Mining Inc. (the “Company” or “Nicola”) is pleased to announce that it has received an amendment to its M-68 Mine Permit. The amendment allows the Company to enter into third part custom milling contracts and enables it to mill up to 200 tonnes per day at its wholly-owned Craigmont Mine site, located 10 kilometers from Merritt, British Columbia.

The Company’s mill is constructed on a freehold I-3 Industrial Zoned site that Nicola acquired for $8.0 MM. Nicola then constructed a new $21.0 MM processing mill and $2.0 MM fully-lined tailings facility. Nicola is capable of processing both gold and silver mill feed by utilizing gravity and floatation systems to create concentrates and is currently considering installing ovens that will allow it to pour doré bars.

Nicola expects to start receiving material from Siwash Minerals Inc. (the “Miner”) in early May and plans to commence milling upon receipt of 1000 tonnes. As disclosed in the November 2, 2015 news release Miner is required to use its best efforts to transport greater than 7.08738 g/t Au to the Company’s processing facility. In addition to the Miner, the Company has entered into 3 other Milling Profit Share Agreements and continues to discuss with other high-grade gold sources. Currently, all of the Milling Profit Share Agreements are with gold-focused mining properties.

Given the complexities and costs of attaining a mill site in British Columbia the Company is positioning itself as a “milling hub” for high-grade gold properties located in the province. Under the amendment to Permit M-68 the Nicola is required to notify the Chief Inspector at least 10 days prior to initiating a change in mill feed from each unique mill source.

Peter Espig, Chief Executive Officer, commented, “The Amendment to Permit M-68, which approves milling of third-party material, is a monumental milestone. We have moved a huge step towards generating revenues and establishing ourselves as a province-wide milling hub for mining projects. I would like to thank the team, especially our CFO, Warwick Bay, who has worked diligently in moving the Company forward. ”

On behalf of the Board of Directors

“Peter Espig”

Peter Espig

CEO & Director 

For additional information

Contact: (604) 647-0142 or peter@nicolamining.com

Cautionary Note Regarding Forward Looking Information:

This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information includes, without limitation, statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company or Siwash such as the statements that Siwash will extract mill feed from its Monument Gold Zone Property and ship this to Nicola, that Nicola will process the mill feed into concentrate and then arrange for the sale of the concentrate to smelters and third parties, the quantity of mill feed that may be extracted under the sample permit if granted, regarding the plans for storage of the mill feed, the expected grade of the mill feed, plans for allocation of costs and profit associated with mining and milling, and Nicola’s intention to progress towards operational cash flow. There are numerous risks and uncertainties that could cause actual results and the Company and Siwash’s plans and objectives to differ materially from those expressed in the forward-looking information, including the inability of the parties to complete the proposed mining and milling activities as proposed or at all, that the bulk sample permit may not be granted, that the Company may not be able to successfully negotiate agreements for the sale of the concentrates, and that the mill feed may not be of a grade or quality that is sellable, and other factors beyond the Company and Siwash’s control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, neither the Company nor Siwash assume any obligation to update forward-looking information should circumstances or management’s estimates or opinions change.

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.

Nicola Mining Announces Closing of the Third Tranche of Unit Financing

Mar 22, 2016 | News Releases

TSX.V: NIM

NEWS RELEASE

VANCOUVER, B.C., March 22, 2016 – Nicola Mining Inc. (the “Company”) is pleased to announce that it has completed a third tranche of its previously announced private placement financing (the “Financing”) as further described in its news releases of November 19, 2015, November 24, 2015 and December 7, 2016. In connection with the closing of the third tranche, the Company sold an aggregate of 2,250,000 units (each, a “Unit”), at a price of $0.08 per Unit, for gross proceeds of $180,000. Each Unit consisted of one common share of the Company (each, a “Share”) and one share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one Share at a price of $0.15 per Share for a period of two years from the date of issuance. The Company has raised a total of $2,084,500 from the closing of the first, second and third tranches of the Financing. The Company intends to complete additional tranches of the Financing in the future.

The Company did not pay any finder’s fees in connection with the Financing. Proceeds from the Financing will be used for general working capital.

An insider of the Company subscribed for 1,062,500 Units under the Financing, which is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The participation of the insider in the private placement was exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(a) of MI 61-101 in that the fair market value of the consideration of the Units to be issued to the insider did not exceed 25% of the Company’s market capitalization.

The securities issued under the Financing, and the Shares that may be issuable on exercise of the Warrants, are subject to a statutory hold period expiring on July 23, 2016.

On behalf of the Board of Directors

“Peter Espig”

Peter Espig

CEO & Director

For additional information

Contact: Peter Espig
Phone: (604) 647-0142
Email: peter@nicolamining.com

Disclaimer for Forward-Looking Information

Certain statements in this press release related to the Financing and the securities issuable thereunder are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the proposed use of proceeds of the Financing, resale restrictions relating to the securities issued, and the Company’s intention to close future tranches under the Financing. Such statements are subject to inherent risks and uncertainties that may cause such statements to become inaccurate, including factors that cause the Company to spend the proceeds otherwise than as contemplated in this news release, the failure of the Company to close additional tranches under the Financing, and other factors beyond the control of the Company. Such forward-looking statements should be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable laws.

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.