Business
Northisle Copper and Gold Announces $2 Million Private Placement With Cornerstone Investors
VANCOUVER, British Columbia / Feb 27, 2023 / 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 / Feb 27, 2023 / Business Wire / Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that it has agreed to issue approximately 12 million shares to certain cornerstone investors and insiders of the Company. The non-brokered private placement (the “Private Placement”) will be priced at $0.165 per common share raising gross proceeds of approximately $2 million. The following cornerstone investors have confirmed their intention to participate in the Private Placement: Michael Gentile will participate on a pro-rata basis to maintain his current interest in the Company’s issued and outstanding common shares, and on a partially diluted basis (assuming full exercise of all his warrants and no other issuance of common shares by the Company), Mr. Gentile will own 9.99% of Northisle’s issued and outstanding common shares Donald K. Johnson will participate to increase his interest in the Company to 9.99% Dale Corman, Northisle’s Chairman, will participate on a pro-rata basis to maintain his current 11% position In addition to the three shareholders listed above, Sam Lee, CEO, has confirmed his intention to participate in the Private Placement. Full particulars of insider participation will be included in the news release announcing the closing of the Private Placement. Sam Lee, Northisle President and CEO commented, “We are very pleased to have our largest shareholders, Michael, Don and Dale, continue to endorse the significant strides made by Northisle as we advance the North Island Project. We are fully funded for our exploration plans in 2023 and well into 2024 for our general corporate expenses with more than $8 million in working capital as at the end of 2022, pro forma this financing. As we emerge into the super cycle for critical metals, it is this type of thought leadership and conviction that is valued. Having the cornerstone support of these highly successful individuals is a powerful advantage for Northisle going forward.” Mr. Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant top five ownership stakes in over 20 small-cap mining companies. Michael recently co-founded Bastion Asset Management a money management firm in Montreal and was previously a Vice President and Senior Portfolio Manager with Fo...