Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) today announced that Northisle’s Board of Directors has approved of the issuance of 403,500 stock options (the “Options”) pursuant to the Company’s incentive stock option plan. The Options provide for the purchase of an aggregate of 403,500 Common Shares at an exercise price of $0.18 per share, which is the closing price for the Company’s shares on the TSX-V as of May 26, 2023. The options have a 5 year term and vest one third per year commencing on May 26, 2023.
In addition, the Board of Directors has approved the issuance of 381,500 restricted share units (the “RSUs”), pursuant to the Company’s Share Unit Plan as approved at the Company’s 2021 Annual General Meeting. The RSUs will vest one third per year commencing on May 26, 2024.
The Company uses equity compensation in order to attract and retain skilled and experienced executives and directors while reducing the impact on cash resources. Combined with the Company’s LTIP issuance in November 2022, the company has issued a total of 3,176,800 Options, 828,800 RSUs and 571,200 deferred share units (“DSUs”) to directors, officers, employees and consultants for its 2022 performance compensation program.
Further terms of the Options, DSUs and RSUs can be found in the Company’s Stock Option Plan and Share Unit Plan as filed on SEDAR.
Northisle Copper and Gold Inc. is a Vancouver-based company whose mission is to become Canada’s leading sustainable mineral resource company for the future. Northisle owns the North Island Project, which is one of the most promising copper and gold porphyry deposits in Canada. The North Island Project is located near Port Hardy, British Columbia on a more than 34,000-hectare block of mineral titles 100% owned by Northisle stretching 50 kilometres northwest from the now closed Island Copper Mine operated by BHP Billiton. Northisle completed an updated preliminary economic assessment for the North Island Project in 2021 and is now focused on advancement of the project through a prefeasibility study while continuing exploration within this highly prospective land package.
For more information on Northisle please visit the Company’s website at www.northisle.ca.
On behalf of Northisle Copper and Gold Inc.
Neither the TSX Venture Exchange nor its Regulation 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.
This news release contains forward-looking statements. These forward-looking statements are based upon the reasonable beliefs of Northisle and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Northisle. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Northisle may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Northisle does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.