Vancouver-based Northisle Copper and Gold (TSXV: NCX) has agreed to issue approximately 12M shares to certain cornerstone investors and insiders of the company. The non-brokered private placement will be priced at C$0.165 per common share raising gross proceeds of approximately C$2M.
Proceeds from the private placement will be used for development and exploration expenditures for the North Island Copper Gold Project, as well as general corporate purposes.
The following cornerstone investors have confirmed their intention to participate in placement:
Michael Gentile will participate on a pro-rata basis to maintain his current interest in the company’s issued and outstanding common shares, and on a partially diluted basis (assuming full exercise of all his warrants and no other issuance of common shares by the company), Mr Gentile will own 9.99% of Northisle’s issued and outstanding common shares.
Donald K. Johnson will participate to increase his interest in the company to 9.99%.
Dale Corman, Northisle’s chairman, will participate on a pro-rata basis to maintain his current 11% position.
In addition to the three shareholders listed above, Sam Lee, president and CEO, has confirmed his intention to participate in the placement.
“We are very pleased to have our largest shareholders, Michael, Don and Dale, continue to endorse the significant strides made by Northisle as we advance the North Island Project,” said Mr Lee.
“We are fully funded for our exploration plans in 2023 and well into 2024 for our general corporate expenses with more than C$8M in working capital as at the end of 2022, pro forma this financing.
“As we emerge into the super cycle for critical metals, it is this type of thought leadership and conviction that is valued. Having the cornerstone support of these highly successful individuals is a powerful advantage for Northisle going forward,” added Mr Lee.
To find out more, visit: https://www.northisle.ca/