Business
NorthWest Copper Announces Closing of C$13.0 Million Bought Deal Private Placement
VANCOUVER, British Columbia, March 31, 2021 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. ("NorthWest Copper" or the "Company") (TSXV:NWST) is pleased to announce
About this update from Northwest Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 31, 2021 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (\"NorthWest Copper\" or the \"Company\") (TSXV:NWST) is pleased to announce that it has closed the previously announced bought deal private placement offering (the “Offering”) for aggregate gross proceeds of C$13,005,000 consisting of 3,750,000 common shares (the “Shares”), 5,000,000 flow-through common shares (the “FT Shares”), and 4,550,000 charity flow-through common shares (the “Charity FT Shares”). The FT Shares and the Charity FT Shares qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada). “We are very pleased to close this significant financing, adding C$13 million in gross proceeds to our treasury. We plan to put this capital to work, continuing development at Kwanika-Stardust and for aggressive exploration across our property portfolio.” said Peter Bell, President and CEO of NorthWest. “Our copper-gold project pipeline of grassroots to development projects, in a Tier-One jurisdiction, represents an outstanding opportunity. Our strong financial position allows us to continue to focus on grade and scale and we look forward to getting exploration work underway.” The Offering was carried out by a syndicate of underwriters led by PI Financial, and including Clarus Securities Inc., Haywood Securities Inc., Sprott Capital Partners, Agentis Capital Markets Canada Limited Partnership, Cormark Securities Inc., and Velocity Trade Capital (collectively, the “Underwriters”). The gross proceeds raised from the Shares will be used to fund ongoing project development expenditures, and for working capital and general corporate purposes. The gross proceeds from the sale of the FT Shares and the Charity FT Shares will be used before 2023 for general exploration expenditures, which will constitute Canadian exploration expenses (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”)), that will qualify as “flow through mining expenditures” within the meaning of the Tax Act (the “Qualifying Expenditures”). The Shares, FT Shares and Charity FT Shares are subject to a four month hold period expiring on July 31, 2021. Certain insiders of the Company purchased FT Shares, pursuant to the Offering and as such the Offering is considered a related party transaction with the meaning of TSX Venture Poli...