NorthIsle Announces C$9 Million Private Placement Funding Via Investing.com
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VANCOUVER, British Columbia–(BUSINESS WIRE)–NorthIsle Copper and Gold Inc. (TSXV: NCX) (NorthIsle or the Company) is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (Paradigm) as lead agent and sole bookkeeper on behalf of a consortium of agents (collectively, the Agents), including Agentis Capital Markets Limited Partnership as lead agent, in connection with best efforts to finance a private placement (Offering) of capital proceeds of approximately $9,000,376, which includes up to 10,836,000 common shares of the Company that qualify as outstanding shares (within the meaning of subsection 66). (15) of the Income Tax Act (Canada)) (CFT Shares) will be issued to subscribers at a price of $0.646 per CFT Share, and up to 5,264,000 ordinary shares of the Company (Non-FT Shares) at a price of $0.38 per Share Each Common (Non-FT Issue Amount).
In addition, the Company has granted Agents an option (Agents’ Option) to sell up to 2,415,000 Non-FT Shares at the Non-FT Issue Price for an additional gross profit of up to $917,700, exercisable within 48 hours. before the closing date (as defined below). The term Offer includes additional Non-FT Shares that may be issued on the exercise of the Agents’ Option, if any.
This funding is expected to benefit institutional investors and existing shareholders.
The Company will use an amount equal to the net proceeds received by the Company from the sale of the CFT Shares to determine the appropriate Canadian exploration costs that qualify as a stream of critical mining costs as those terms are defined in the Income Tax Act (Canada). ) (Eligible Costs of Significant Excavation). The Company shall incur the Eligible Mineral Charges on or before December 31, 2025, and relinquish (on a prorated basis) all such charges in favor of subscribers to CFT Shares on an effective date not later than December 31, 2024 pursuant to Income Tax Act (Canada). Proceeds from the sale of Non-FT Shares will be used for exploration, project development and general corporate purposes.
Closing is expected to occur on or about December 5, 2024 or such other date as the Company and the agents may agree (Closing Date). The Offering is subject to regulatory approval, including the approval of the TSX Venture Exchange, and all securities issued pursuant to the Offering will have a term of four months and one day.
The offering will be made through a private placement pursuant to an applicable exemption from the prospectus requirements of the Canadian securities laws under National Instrument 45-106 “ Prospectus Exemptionsand in other jurisdictions as may be agreed by Paradigm and the Company pursuant to an applicable exemption from prospectus, registration or other similar requirements in other jurisdictions such that no prospectus, registration statement or similar document is required to be filed by the Company in any jurisdiction.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the US Securities Act), or any US state securities laws, and may not be offered or sold in the United States without registration. under the US Securities Act and all applicable state securities laws or to comply with applicable exemption requirements. This press release will not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, and there will be no sale of these securities in any jurisdiction where such offer, solicitation or sale would be unlawful.
About Northisle
Northisle Copper and Gold Inc. is a Vancouver-based company whose mission is to be the leading and sustainable mineral resources company of the future. Northisle owns the North Island Project, one of the most promising porphyry gold fields in Canada. The North Island Project is located near Port Hardy, British Columbia on more than 34,000 hectares of 100% owned Northisle mineral properties located 50 kilometers northwest of the now closed Island Copper mine operated by BHP Billiton (NYSE: ). Northisle has recently completed an advanced economic assessment of the North Island Project and is now focusing on project development through a feasibility study while continuing to explore this highly anticipated land. For more information on Northisle please visit the Company’s website at www.northisle.ca.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any other federal securities laws and may not be offered or sold within the United States or to US Persons except as registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statements Regarding Forward-Looking Information
Certain information in this news release includes forward-looking statements under applicable securities law. Any statements contained in this news release that are not statements of historical fact may be considered forward-looking statements. Forward-looking statements are often identified by words such as may, should, expect, anticipate, intend and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding the ability to complete the Offering on the terms proposed or at all, the expected use of proceeds from the Offering, the participation of certain insiders and others in the Offering, and the receipt of regulatory approvals in connection with the Offering and any other future plans, objectives or expectations of Northisle. Forward-looking statements involve known and unknown risks, including, without limitation, Northisle’s ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industrial events; engagement with stakeholders; marketing and transportation costs; loss of markets; commodity price volatility; inability to obtain sufficient funds from internal and external sources, and/or inability to obtain sufficient funds on favorable terms; industry and government regulation; changes in law, income tax and regulatory matters; competition; currency fluctuations and interest rates; and other dangers. Readers are cautioned that the above list is not exhaustive.
Readers are also cautioned not to place undue reliance on forward-looking statements because there can be no assurance that the plans, goals, or expectations set forth will materialize. Such information, although management believes it to be relevant at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release represent Northisle’s management’s expectations as of the date of the news release and, accordingly, may change after that date. Northisle does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Neither the TSX Venture Exchange nor its Legal Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
View the source version on businesswire.com:
On behalf of Northisle Copper and Gold Inc.
Nicholas Van Dyk, CFA
Chief Financial Officer
Phone: (604) 638-2515
Email: info@northisle.ca
www.northisle.ca
Source: NorthIsle Copper and Gold Inc.
