Business
Northisle Copper and Gold Inc. Closes Private Placements
VANCOUVER, BC--(Marketwired - May 09, 2017) - Northisle Copper and Gold Inc. ("Northisle" or the "Company") (TSX VENTURE: NCX) announces that it has closed the
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"VANCOUVER, BC--(Marketwired - May 09, 2017) - Northisle Copper and Gold Inc. (\"Northisle\" or the \"Company\") (TSX VENTURE: NCX) announces that it has closed the private placements announced April 5, 2017 as amended April 7, 2017. Closing consisted of the issuance of: 6,948,316 units at a price of $0.15 per unit, for total consideration of $1,042,247.40, 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 $0.25 until May 4, 2019; and 2,400,000 flow-through common shares at a price of $0.20 per share, for total consideration of $480,000. Northisle paid cash finders' fee totalling $22,234.88 in connection with this private placement (to Kingsdale Capital, Fidelity Clearing Canada ULC, PI Financial Corp. and Haywood Securities Inc.). 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 September 5, 2017. 2017 Drill Program The immediate plans are to commence a 3,000 metre drilling program on the Red Dog and Hushamu deposits. Drilling at Red Dog will test for deep porphyry mineralization south of the known deposit while drilling at Hushamu will test for a southeastern extension of the deposit. About Northisle The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy and contains the Hushamu and Red Dog deposits and five other partially explored copper-gold porphyry occurrences. The project is 100% owned by Northisle. The Red Dog Resource The Red Dog Resource is located 8km northwest of the Hushamu Deposit and hosts a NI 43-101 Indicated Resource of 23.6 million tonnes grading 0.32% copper, 0.46gpt gold and 0.007% molybdenum. The Hushamu Resource The Company has a current resource estimate of the Hushamu Deposit which has been filed on SEDAR. Resource Grade Contained Metal Tonnes (x1000) Copper % Goldg/t Mo% Re ppm Cu Eq % CopperB lb Gold M oz Mo M lb Re Kg x 1000 Indicated 304,000 0.21 0.29 .010 0.55 0.45 &nbs...