Business
Northisle Copper and Gold Strengthens Balance Sheet Following Exercise of Warrants by Cornerstone Investor
VANCOUVER, British Columbia / Mar 18, 2024 / 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 / Mar 18, 2024 / Business Wire / Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that a total of 5,048,000 warrants issued on December 17, 2021 have been exercised by Michael Gentile and Pierre Beaudoin for gross proceeds of $1,413,440. These funds will be used to accelerate development of the North Island Project including technical and economic studies. Adjusting for warrant proceeds, the company had $9 million in cash and cash equivalents as of December 31, 2023 (unaudited), with no debt and no additional warrants outstanding. Sam Lee, President & CEO of Northisle stated, “We are pleased to have the continued support of Michael Gentile and Pierre Beaudoin, who have fully exercised their warrants as of today. We are fully financed for our 2024 development program with a clean capital structure and no debt, positioning us favourably to execute our growth plans. The ongoing support of our cornerstone shareholders is critical to our success.” Michael Gentile added, “Northisle is one of the very few companies in the market which has consistently added value over the last several years and is one of my largest holdings. With the new resource at Northwest Expo further demonstrating the inherent value of this highly prospective land package, and the company’s strong financial position, it is time for investors to start capitalizing on the incredible value in the junior resource sector, starting with Northisle.” Key Catalysts The Company has a number of important catalysts over the next several months which it believes will continue to establish the North Island Project as one of the best new mining camps in the world. These include the following: COMPLETED - Final 2023 Northwest Expo Drill Results COMPLETED - Inaugural Northwest Expo Zone 1 resource estimate including Phase 3 Drilling COMPLETED - Metallurgical testing results from Northwest Expo Zone 1 Q2 2024 - Preliminary Project Trade-offs Q2 2024 - Geophysics results from Northwest Expo and West Goodspeed Q2 2024 - Final 2023 Pemberton Hills Drill Results Q2 2024 - Target commencement of 2024 drilling program Q3 2024 - Target commencement of advanced economic and technical studies H2 2024 - Initial Results from 2024 drill programs Ongoing - Continued engagement with indigenous rightsholders and loca...