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Northisle Copper and Gold Announces C$5.5 Million Non-Brokered Private Placement
VANCOUVER, British Columbia / Jun 02, 2022 / Business Wire / Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce t
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"VANCOUVER, British Columbia / Jun 02, 2022 / Business Wire / Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that it intends to raise aggregate gross proceeds of approximately $5,500,000 pursuant to a two-part non-brokered private placement consisting of: (i) approximately $5,000,000 of flow-through Common Shares at a price of $0.40 per Common Share (the “Charity FT Offering”) and (ii) approximately $500,000 of flow-through Common Shares at a price of $0.31 per Common Share (the “FT Offering” and together with the Charity FT Offering, the “Offering”). Michael Gentile has confirmed his intention to participate in the offering on a pro rata basis to maintain his current 9.9% partially diluted position in Northisle. In addition, certain insiders of the Company intend to participate in the Offering, with full particulars of such participation to be included in the news release announcing the closing of the Offering. The gross proceeds from the FT Offering and Charity FT Offering will be used to incur expenses (“qualifying expenses”) that are eligible “Canadian exploration expenses” within the meaning of subsection 66.1(6) of the Tax Act and will also be eligible for the recently announced federal Critical Metals Exploration Tax Credit, and British Columbia’s 20% flow-through share tax credit. The Offering is non-brokered; however, the Company may pay finder's fees in connection with the Offering accordance with the rules and policies of the TSX Venture Exchange (\"TSX-V\"). The Placement is subject to the completion of formal documentation and receipt of all necessary regulatory approvals, including the approval of the TSX-V. The Common Shares issued pursuant to this Offering will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities laws. About Northisle Northisle Copper and Gold Inc. is a Vancouver-based company whose mission is to become a leading and sustainable mineral resource company for the future. Northisle owns the North Island Project, which is one of the most promising copper and gold porphyry deposits in Canada. The North Island Project is located near Port Hardy, British Columbia on a more than 34,000-hectare block of mineral titles 100% owned by Northisle stretching 50 kilometres northwe...