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NorthWest Copper Announces Closing of First Tranche of Previously Announced Non-Brokered Private Placement Financing
VANCOUVER, British Columbia, Feb. 06, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to
About this update from Northwest Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 06, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce the closing of the first tranche of the over-subscribed non-brokered private placement financing previously announced on January 23, 2023 and upsized on January 30, 2023 to 22,173,913 units at a price of $0.23 per unit (a “Unit”) for gross proceeds of up to $5,100,000 (the “Private Placement”). The first tranche consists of 18,837,955 Units for gross proceeds of approximately $4,332,730. Each Unit consists of one common share of the Company (each, a “Common Share”) and one-half of one non-transferable Common Share purchase warrant (each whole warrant, a “Warrant”), with each Warrant exercisable to purchase one additional Common Share for a period of 2 years from the date of closing at an exercise price of $0.30. Proceeds from the Private Placement will be used primarily to fund general working capital purposes and exploration at the Company’s portfolio of projects, including the Lorraine property. The Private Placement may be closed in one or more tranches as subscriptions are received. The Common Shares and Warrants issued pursuant to the Private Placement, and any Common Shares issuable on exercise of Warrants are subject to a four month and a day hold period expiring June 4, 2023, in accordance with applicable Canadian securities laws, and TSX Venture Exchange hold period, as applicable. The Company has agreed to pay cash finder’s fees of $9,000 to Canaccord Genuity Corp. in connection with the closing of the first tranche of the Private Placement. Richard Bailes, Director of the Company acquired 250,000 Units in this tranche, for gross proceeds of $57,500. Such participation is considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the Private Placement due to the fair market value of the related party participation being below 25% of the Company’s market capitalization for purposes of MI 61-101. The Company will file a material c...