British Columbia-based explorer, Northisle Copper and Gold Inc. (TSX-V: NCX) has increased the size of a previously announced $5.5M non-brokered private placement to $7M, consisting of $6.5M of flow-through common shares at a price of $0.40 each, and around $500,000 of flow-through common shares at a price of $0.31 each. The offering has been fully allocated and is anticipated to result in the issuance of around 18M shares.
Gross proceeds will be used by the company to fund exploration programmes on their 34,000-hectare land package in and around Northisle’s North Island copper and gold porphry project. These exploration expenses will be eligible for the recently announced federal 30% Critical Metals Exploration Tax Credit, and British Columbia’s 20% flow-through share tax credit.
Sam Lee, President and CEO of Northisle commented: “We are pleased to receive significant existing and institutional investor support for this offering. The goal of this offering was to not only fund our exploration programs for critical metals but to increase institutional shareholder ownership and strengthen our shareholder base which we have achieved. We welcome our new shareholders and are very pleased to have Michael Gentile’s continued support.”
For further information please visit: https://www.maritimeresourcescorp.com/
