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Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) is pleased to announce that it intends to raise aggregate gross proceeds of approximately $5,000,000 (the “Offering”) pursuant to a four-part private placement which will be a combination of common shares (“Common Shares”) priced at C$0.28/share, flow-through common shares (“FT Shares”) priced at C$0.35/share, charity flow-through common shares (“CFT Shares”) priced at C$0.448/share and critical minerals charity flow-through common shares (“CMCFT Shares” and together with the Common Shares, the FT Shares and the CFT Shares, the “Shares”) priced at C$0.476/share. The FT Shares, CFT Shares and CMCFT Shares will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”)). The final allocation of funds will be determined prior to closing of the Offering.
Certain insiders of the Company intend to participate in the Offering, with full particulars of such participation to be included in the news release announcing the closing of the Offering.
The gross proceeds from the sale of FT Shares, CFT Shares, and CMCFT Shares will be used to incur expenses (“qualifying expenses”) that are “Canadian exploration expenses” (within the meaning of subsection 66.1(6) of the Tax Act) and “BC flow-through mining expenditures” (within the meaning of subsection 4.721(1) of the Income Tax Act (British Columbia))”. The qualifying expenses to be incurred using the gross proceeds from the sale of FT Shares and CMCFT Shares will also qualify as “flow-through critical mineral mining expenditures” (within the meaning of subsection 127(9) of the Tax Act).
The Offering is non-brokered; however, the Company may pay finder’s fees in connection with the Offering accordance with the rules and policies of the TSX Venture Exchange (“TSX-V”). The Placement is subject to the completion of formal documentation and receipt of all necessary regulatory approvals, including the approval of the TSX-V.
The Shares issued pursuant to this Offering will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
Northisle Copper and Gold Inc. is a Vancouver-based company whose mission is to become a leading and 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 recently completed an updated preliminary economic assessment for the North Island Project 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.