NorthWest Copper Corp (TSX-V:NWST) has announced a non-brokered private placement financing of up to 10,869,566 units at a price of $0.23 each for gross proceeds of up to $2.5 million.
The company said proceeds from the offering will be used primarily to fund general working capital purposes and exploration at the company’s portfolio of projects, including the Lorraine property. The private placement may be closed in one or more tranches as subscriptions are received, it added.
Each unit in the private placement consists of one common share of the company and one-half of one non-transferable common share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of two years from the date of closing at an exercise price of $0.30.
READ: NorthWest Copper reveals 400 metres of 1.01% copper equivalent from 2022 drilling at Kwanika deposit in British Columbia
The private placement is subject to TSX Venture Exchange approval. All common shares and warrants issued and any common shares issuable on exercise of warrants will be subject to a four-month and a day hold period from the closing date, and TSX Venture Exchange hold period, as applicable.
It is anticipated that certain directors, officers and other insiders of the company will acquire units in the private placement
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, US Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
NorthWest Copper is a new copper-gold explorer and developer with an exciting pipeline of projects in British Columbia. With a robust portfolio in a tier-one jurisdiction, the company is well-positioned to participate fully in a strengthening global copper market.
Contact the author at jon.hopkins@proactiveinvestors.com