Northisle Copper and Gold Inc. (TSXV: NCX) has increased the size of its previously announced oversubscribed C$5.0M non-brokered private placement to approximately C$6.4M, consisting of : about C$3.3M of flow-through shares at C$0.476 each (CMCFT), about C$2.0M of flow-through shares at C$0.448 each (CFT), about C$0.7M of flow-through shares at C$0.35 each (FT), and about C$0.4M shares at C$0.28 each (Non-FT, or together with the CMCFT, CFT, and the FT = the offering).The offering has been fully allocated and is anticipated to result in the issuance of over 14.7M shares.
“We are pleased to have the continued support of our cornerstone shareholders and welcome Franklin Templeton as a new significant institutional shareholder through this offering,” commented Sam Lee, president and CEO of Northisle. “We have taken a disciplined approach on our financings to maximize shareholder value and are now fully funded for our 2024 Phase I exploration program at Northwest Expo, West Goodspeed, and Pemberton Hills.”
Certain insiders, including Dale Corman, Sam Lee, and Ian Chang intend to participate, with full particulars of such participation to be included in the news release announcing the closing.
The gross proceeds from the sale of FT, CFT, and CMCFT shares will be used to incur qualifying Canadian exploration expenses within the meaning of subsection 66.1(6) of the Canadian Tax Act and BC flow-through mining expenditures within the meaning of subsection 4.721(1) of the Income Tax Act of British Columbia. The qualifying expenses to be incurred using the gross proceeds from the sale of FT Shares and CMCFT Shares will also qualify as flow-through critical mineral mining expenditures.
In addition, Northisle has applied to the TSX Venture Exchange to extend the expiry dates of a total of over 5M share purchase warrants by three months to 18 March 2024. The warrants were issued pursuant to a private placement of units of the company which closed on 17 December 2021. Each warrant entitles the holder thereof to acquire one Northisle share at C$0.28 each and all other terms of the warrants, including exercise price, will remain the same.
For further information, please visit: www.northisle.ca
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