NorthWest Copper Corp (TSX-V:NWST) has announced that as a result of increased demand, the non-brokered private placement financing previously announced on January 23, 2023, will now consist of up to 22,173,913 units at a price of $0.23 each for gross proceeds of up to $5.1 million.
Each unit consists of one common share of the company and one-half of one non-transferable common share purchase warrant, with each whole warrant exercisable to purchase one additional common share for a period of 2 years from the date of closing at an exercise price of $0.30.
Proceeds from the private placement will be used primarily to fund general working capital purposes and exploration at the company’s portfolio of projects, including the Lorraine property.
READ: NorthWest Copper launches non-brokered private placement financing of up to 10,869,566 units for gross proceeds of up to $2.5M
The placement, which may be closed in one or more tranches as subscriptions are received, is subject to TSX Venture Exchange approval.
All common shares and warrants issued will be subject to a four-month and a-day hold period from the closing date, and TSX Venture Exchange hold period, as applicable.
The company said it may pay a commission or finder’s fee to eligible parties in connection with the private placement, subject to the approval of the TSX Venture Exchange and compliance with applicable securities laws.
It is anticipated that certain directors, officers and other insiders of the company will acquire units. Such participation will each be considered a 'related party transaction' within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101).
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