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NorthWest Copper Announces Closing of Second and Final Tranche of Previously Announced Non-Brokered Private Placement Financing
VANCOUVER, British Columbia, Feb. 10, 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. 10, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (“NorthWest” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce the closing of the second and final 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 (each, a “Unit”) at a price of $0.23 per Unit for gross proceeds of up to $5,100,000 (the “Private Placement”). The first tranche consisted of 18,837,955 Units for gross proceeds of approximately $4,332,730 and closed on February 6, 2023, and the second and final tranche consisted of 3,159,131 Units for gross proceeds of approximately $726,600. Combined with the first tranche of the Private Placement, the Company sold 21,997,086 Units for approximately $5,059,330. 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. The net proceeds from the Private Placement will be used primarily to fund general working capital purposes and for exploration at the Company’s portfolio of projects, including the Lorraine property. The Common Shares and Warrants issued pursuant to the second and final tranche of the Private Placement, and any Common Shares issuable on exercise of such Warrants, are subject to a four month and a day hold period expiring June 10, 2023, in accordance with applicable Canadian securities laws, and TSX Venture Exchange hold period, as applicable. No finder’s fees were paid in connection with the closing of the second and final tranche of the Private Placement. Aggregate finder’s fees of $9,000 cash were paid to Canaccord Genuity Corp. in connection with the Private Placement. Mark O’Dea, Lewis Lawrick and Teodora Dechev, each a director of the Company, acquired a total of 740,000 Units in this tranche, for gross proceeds of $170,200. 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 fo...