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Northisle Announces Closing of its Oversubscribed Private Placement of Common Shares

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Northisle Announces Closing of its Oversubscribed Private Placement of Common Shares

 

 

 

 

 

Northisle Copper and Gold Inc. (TSX-V: NCX) is pleased to announce that it has closed the Company’s previously announced (see Company News Releases dated October 13, 2020 and October 14, 2020) oversubscribed non-brokered private placement of common shares.

 

Pursuant to the Placement, Northisle issued 24,607,678 common shares of the Company at a price of C$0.13 per Common Share for gross proceeds to the Company of approximately C$3,200,000. The Common Shares issued pursuant to the Placement are subject to a four month hold period in accordance with applicable Canadian securities laws.

 

The proceeds will be used by the Company to complete the updated Preliminary Economic Assessment as described in the October 5th, 2020 press release, advance exploration activities, and for general working capital purposes.

 

Dale Corman, a director of the Company, and Sam Lee, President and CEO of the Company, participated in the Placement by purchasing an aggregate of 1,530,000 Common Shares. Accordingly, the Placement constitutes a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to nor the consideration paid by Dale Corman and Sam Lee would exceed 25% of the Company’s market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Placement as the details of the Placement and the participation therein by related parties of the Company were not settled prior to the closing of the Placement and the Company wished to close on an expedited basis for sound business reasons.

 

In connection with the Placement and in accordance with the policies of the TSX Venture Exchange, finder’s fees totaling approximately C$110,040 in cash were paid to Agentis Capital Markets Canada Limited Partnership.

 

About Northisle

 

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 Project is located near Port Hardy, British Columbia on a 33,149-hectare block of mineral titles 100% owned by NorthIsle stretching 50 kilometres northwest from the now closed Island Copper Mine operated by BHP Billiton. The Project boasts a large resource base that serves as the basis for the Preliminary Economic Study issued in 2017.      

 

Posted November 4, 2020

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