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Northisle Announces Closing of its Oversubscribed Private Placement of Common Shares
Northisle Announces Closing of its Oversubscribed Private Placement of Common Shares ...
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n \n \n \n Northisle Announces Closing of its Oversubscribed Private Placement of Common Shares\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Nov. 3, 2020\n \n \n \n \n /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n OR TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES/\n \n \n TSX Venture Exchange Symbol: NCX\n \n \n VANCOUVER, BC,\n \n Nov. 3, 2020\n \n /CNW/ -\n \n Northisle Copper and Gold Inc. (TSXV: NCX)\n \n (\"Northisle\" or the \"Company\") is pleased to announce that it has closed the Company's previously announced (see Company News Releases dated\n \n \n October 13, 2020\n \n \n and\n \n \n October 14, 2020\n \n \n ) oversubscribed non-brokered private placement of common shares (the \"Placement\").\n \n \n \n \n \n \n \n \n \n Pursuant to the Placement, Northisle issued 24,607,678 common shares of the Company (the \"\n \n Common Shares\n \n \") at a price of\n \n C$0\n \n .13 per Common Share for gross proceeds to the Company of approximately\n \n C$3,200,000\n \n . The Common Shares issued pursuant to the Placement are subject to a four month hold period in accordance with applicable Canadian securities laws.\n \n \n The proceeds will be used by the Company to complete the updated Preliminary Economic Assessment as described in the\n \n October 5th, 2020\n \n press release, advance exploration activities, and for general working capital purposes.\n \n \n \n Dale Corman\n \n , a director of the Company, and\n \n Sam Lee\n \n , President and CEO of the Company, participated in the Placement by purchasing an aggregate of 1,530,000 Common Shares. Accordingly, the Placement constitutes a related-party transaction under Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"\n \n MI 61-101\n \n \"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securi...