Business
Northisle Copper and Gold Inc. Announces Private Placements and Completion of Debt Settlement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 4, 2016) - Northisle Copper and Gold Inc. ("Northisle" or the "Company") (TSX VENTURE:NCX) announces that it int
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 4, 2016) - Northisle Copper and Gold Inc. (\"Northisle\" or the \"Company\") (TSX VENTURE:NCX) announces that it intends to raise up to $300,000 by way of the following non-brokered private placements, subject to TSX Venture Exchange acceptance: (a) up to $125,000 by way of a unit private placement at a price of $0.025 per unit, with each unit to consist of one common share and one-half (1/2) of a share purchase warrant, with each whole warrant to entitle the holder to purchase an additional common share at a price of $0.05 for a period of 2 years from closing; and (b) up to $175,000 by way of a flow-through share private placement at a price of $0.04 per flow-through share. The private placements are not subject to any minimum subscriptions, and certain insiders of the Company have agreed to participate, with full particulars of such participation to be included in the news release announcing the closing of these private placements. The proceeds will be used by Northisle to finance a drilling program on its Red Dog deposit (forming part of its North Island Copper Gold Project on Vancouver Island), and for general working capital. The securities issued pursuant to these private placements will be subject to a hold period expiring four months and one day from the date of issuance. Debt Settlement Northisle also announces that it has completed the debt settlement announced on April 20, 2016, pursuant to which $125,000 of indebtedness has been satisfied by the issuance of 2,500,000 common shares at a deemed price of $0.05 per share, all of which shares are subject to a hold period until September 3, 2016. Options Granted The Company has approved the granting of stock options to directors, officers, and consultants for the purchase of 1,585,000 common shares of the Company. The options will vest over a two-year period, with one-third vested on issue, one-third on the first anniversary date and one-third on the second anniversary date. These options have a five-year term and allow the holder to purchase one common share of the company for $0.05 cents a share until May 3, 2021. 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-Gol...