VANCOUVER, April 24, 2026 – Cozen O’Connor LLP represented Nicola Mining Inc. (TSX.V: NIM; OTCQB: HUSIF; FSE: HLIA), a Canadian-based mining company, in connection with its underwritten public offering of American Depositary Shares (ADSs) and accompanying warrants, raising gross proceeds of $6.0 million.
The transaction marks a significant milestone in cross-border capital markets, as Nicola Mining became the first Canadian issuer to list American Depositary Receipts (ADRs) on the Nasdaq Capital Market in connection with an underwritten ADS/ADR offering. The ADSs began trading on Nasdaq under the ticker symbol “NICM” on April 14, 2026.
The offering consisted of 930,233 ADSs and warrants to purchase 930,233 ADSs at a price of $6.45 per ADS and accompanying warrant. Each ADS represents 12 common shares of Nicola. In addition, the underwriters exercised a portion of their option to purchase additional warrants. Maxim Group LLC is acting as sole book-running manager for the Offering.
This transaction was enabled by recent Nasdaq rule changes that took effect on January 1, 2026, opening a new pathway for Canadian issuers to access U.S. public markets through ADS/ADR structures. The offering reflects growing momentum among Canadian companies seeking cross-border capital markets opportunities and enhanced access to U.S. investors.
Cozen O’Connor LLP advised Nicola Mining Inc. on the structure and execution of the offering and Nasdaq listing. The Cozen O’Connor team was led by Virgil Hlus and included Jun Ho Song, Manveer Sall, Nathan Rudy, Richard Siple, and Kevin Zimka.
Cozen O’Connor’s Capital Markets & Securities Practice advises issuers, underwriters, and investors across the full capital lifecycle, including public and private financings, cross-border offerings, IPOs, and regulatory compliance. The firm regularly counsels Canadian and U.S. companies on navigating complex securities laws and accessing international capital markets.
About Cozen O’Connor LLP
Cozen O’Connor LLP, a Canadian affiliate of Cozen O’Connor, provides exceptional legal services across capital markets and securities, mergers and acquisitions, private equity and venture capital, commercial litigation, bankruptcy and restructuring, real estate, family law, and private client services. Together, the two firms offer clients access to more than 1,000 lawyers across 35 offices. With offices in Toronto, Vancouver, and Montreal, and supported by multi-disciplinary teams, Cozen O’Connor LLP delivers trusted counsel with seamless cross-border collaboration.