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Northisle Copper and Gold Announces Closing of $1.9M Private Placement With Michael Gentile, CFA and Pierre Beaudoin, Issuance of Share-based Compensation
VANCOUVER, British Columbia / Dec 17, 2021 / 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 / Dec 17, 2021 / Business Wire / Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that it has closed the Company’s previously announced non-brokered private placement with Michael Gentile, CFA and Pierre Beaudoin (the “Placement”), as well as the issuance of options and share units. Private Placement Pursuant to the Placement, the Company raised aggregate gross proceeds of approximately $1,918,240 consisting of 10,096,000 units (each a “Unit”) at a price of C$0.19 per Unit. Each Unit consists of one common share of the Company (each a “Common Share”) and one half of one common share purchase warrant of the Company (each whole warrant a “Warrant”). Each Warrant is exercisable to acquire one Common Share at an exercise price of $0.28 for a period of two years from the date of closing of the Private Placement, subject to acceleration in certain circumstances. Proceeds from the Private Placement will be used for development and exploration expenditures for the North Island Copper Gold Project (the “North Island Project”) as well as general corporate purposes. The Common Shares and Warrants issued pursuant to this Offering, and any Common Shares issued upon exercise of the Warrants, will be subject to a hold period expiring four months and one day from the closing date of the Private Placement in accordance with applicable Canadian securities laws. Share-based Compensation Northisle’s Board of Directors has approved of the issuance of 2,079,000 stock options (the “Options”) pursuant to the Company’s incentive stock option plan. The options provide for the purchase of an aggregate of 2,079,000 Common Shares at an exercise price of $0.29 per share, which is the closing price for the Company’s shares on the TSX-V as of December 16, 2021. The options have a 5 year term and vest one third per year commencing on December 16, 2021. In addition, the Board of Directors has approved the issuance of 348,000 deferred share units (the “DSUs”) and 285,000 restricted share units (the “RSUs”), pursuant to the Company’s Share Unit Plan as recently approved at the Company’s Annual General Meeting. The DSUs will vest on December 16, 2022, and the RSUs will vest one third per year commencing on December 16, 2022. Further terms of the Options, DSUs and RSUs can be found in the C...