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Northwest Copper Reports Financial Results for the Fiscal Year Ended February 28, 2021 and Operating Highlights
VANCOUVER, British Columbia, June 04, 2021 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or the “Company”) (TSXV:NWST) is pleased to announce financial resu
About this update from Northwest Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 04, 2021 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or the “Company”) (TSXV:NWST) is pleased to announce financial results for the fiscal year ended February 28, 2021 and recent operating highlights. Highlights and Recent Events Merger with Sun Metals Corp. On March 5, 2021, the Company announced it had completed the previously announced plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”) with Sun Metals Corp. (“Sun Metals”) pursuant to which NorthWest acquired all of the issued and outstanding shares of Sun Metals (the “Transaction”) on the basis of 0.215 common shares for each share of Sun Metals held. In connection with closing the Transaction, the gross proceeds of $10,350,000 of the bought deal private placement financing completed by Sun Metals in December 2020, less the underwriters cash commission of 6% and underwriters’ expenses, were released from escrow1. Funded Future Growth On March 31, 2021 the Company closed an additional bought-deal private placement, pursuant to which the Company issued 3,750,000 common shares (the “Shares”) at a price of $0.80 per Share, 5,000,000 flow-through common shares (the “FT Shares”) at a price of $1.00 per FT Share, and 4,550,000 charity flow-through common shares (the “Charity FT Shares”) at a price of $1.10 per Charity FT Share, for aggregate gross proceeds of $13,005,000 (the “Offering”). In connection with the Offering, the Company paid the underwriters a cash commission equal to 6.0% of the gross proceeds of the Offering. Strengthened Management Team And Board In connection with the merger with Sun Metals, the Company added Peter Bell as President and CEO, Lauren McDougall as CFO and Corporate Secretary, Ian Neill as VP Exploration and James Lang as Chief Geoscientist. Mark O’Dea (Executive Chair), Sean Tetzlaff and Richard Bailes joined the Company’s Board of Directors, replacing James Morton and Eric Strom. Expanded Stardust Resource and Metallurgical Results On May 17, 2021, the Company announced a new mineral resource estimate for Stardust2 which incorporates the 421 zone, and consists of Indicated mineral resources totaling 1,962,900 tonnes at 2.59% CuEq3, 1.31% Cu, 1.44 g/t Au and 27.1 g/t Ag and Inferred mineral resources totaling 5,843,200 tonnes at 1.88% CuEq, 0.86% Cu, 1.17 g/t Au and 20...