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Nicola Mining Completes Partial Prepayment of Outstanding Debenture and Encouraging Initial ZTEM Results
Vancouver, British Columbia--(Newsfile Corp. - July 12, 2022) - Nicola Mining Inc. ( TSXV: NIM...
About this update from Nicola Mining Inc.
[{"type":"text","content":"Nicola Mining Completes Partial Prepayment of Outstanding Debenture and Encouraging Initial ZTEM ResultsVancouver, British Columbia--(Newsfile Corp. - July 12, 2022) - Nicola Mining Inc. (TSXV: NIM) (FSE: HLI) (OTCQB: HUSIF), (the \"Company\" or \"Nicola\") announces that it has completed a prepayment of 20% (the \"Prepayment\") of the outstanding principal, as well as interest, of the debenture due November 21, 2022. The Company prepaid $1,329,176 of the principal and $81,936 in accrued interest of the $6,942,882 outstanding principal. The remaining principal of the debenture is now $5,613,706. Approximately 89% of the outstanding debenture is held by Concept Capital Management (\"CCM\") an insider and largest shareholder of the Company. Nicola continues to place emphasis on operational cash flow, exploration of the New Craigmont Project, and debenture repayment. In addition to the Prepayment, the Company announces that it has signed an amended agreement (the \"Amended Agreement\") for gold and silver concentrate with Ocean Partners UK Limited1 (\"Ocean Partners\"), which was originally announced in a news release on April 30,2021. Sales terms of the original and Amended Agreement are the same, except the latter includes an increase in the Revolving Prepayment from US$500,000 to US$1,500,000. Nicola has received US$750,000 of the Revolving Prepayment.Preliminary results from the Company's recently completed 998-line kilometer Z‐Tipper Axis Electromagnetic (\"ZTEM\") survey, which covered the entirety of the New Craigmont Project, are encouraging. Targets of interest and key structures have been identified, via preliminary data and maps. The Company is now awaiting receipt of the final report. The Company looks forward to issuing a news release upon receipt of the final report.Peter Espig, CEO of Nicola, commented, \"We are very encouraged with the preliminary ZTEM survey results and eagerly await the final report. We are also pleased to see that operations at the Craigmont Site have increased again after slowdowns attributed to freshet and approvals. This includes recommenced fly and bottom ash shipments from Nicola Clean Power2, increases in daily shipments of hydrovac materials from Trans Mountain Expansion Project, and shipments of sand and gravel from our site to provide rock and gravel for BC infrastructure pro...