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Northisle Copper and Gold Inc. Announces Closing of Private Placements
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 9, 2016) - Northisle Copper and Gold Inc. ("Northisle" or the "Company") (TSX VENTURE:NCX) announces that it ha
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 9, 2016) - Northisle Copper and Gold Inc. (\"Northisle\" or the \"Company\") (TSX VENTURE:NCX) announces that it has closed the private placements announced May 4, 2016. Closing consisted of the issuance of: 5,000,000 units at a price of $0.025 per unit, for total consideration of $125,000, with each unit consisting of one common share and one-half (1/2) of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.05 until June 6, 2018; and 4,375,000 flow-through common shares at a price of $0.04 per share, for total consideration of $175,000. Northisle paid a finder's fee of 120,000 common shares to PI Financial Corp. of Vancouver, B.C., in connection with this private placement. All of the securities issued pursuant to this private placement, including any shares issued pursuant to the exercise of the share purchase warrants forming part of the units, are subject to a hold period which expires on October 7, 2016. About Northisle Northisle is a Vancouver based junior resource company committed to the exploration and development of the North Island Copper-Gold Project on Northern Vancouver Island. The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy on Vancouver Island and contains the Hushamu and Red Dog Deposits and five other partially explored copper-gold porphyry occurrences. The Company has a current resource estimate of the Hushamu Deposit which has been filed on Sedar. The project is 100% owned by Northisle. Resource Grade Contained Metal Tonnes (x1000) Copper % Gold g/t Mo % Re ppm Cu Eq % Copper B lb Gold M oz Mo M lb Re Kg x 1000 Indicated 304,000 0.21 0.29 .010 0.55 0.45 1.4 2.8 65.7 167.4 Inferred 205,600 0.18 0.26 .008 0.38 0.39 0.8 1.7 34.9 78.1 ** Copper equivalent calculated using US$2.50/lb Cu, US$1100/oz Au and US$14.00/lb Mo and is not adjusted for mining and metallurgical recoveries as these remain uncertain. The formula used is as follows: CuEQ = (Cu% x 22.0462 x 2.50) + (Au g/t x 1100.00/ 31.1035) + (Mo% x 22.0462 x 14.00) Rhenium values have not been used in the cutoff grade or Cu Equivalent calculations In addition to the Hushamu Deposit, the Red Dog Property hosts a historical mineral resource of 20 million t...