NorthWest Copper (TSX-V:NWST) Corp has closed its previously announced bought deal private placing, bringing in around C$20 million gross to further explore its properties in British Columbia, Canada.
The offering saw 16.95 million Charity FT shares issued as 'flow-through shares' at a price of C$1.18 each and was carried out by a syndicate of underwriters led by National Bank Financial, and including Haywood Securities Inc. and PI Financial Corp.
READ: NorthWest Copper intersects more high-grade, copper-gold porphyry mineralization at its Kwanika deposit in BC
In connection with the offering, the firm paid the underwriters a cash commission on certain orders equal to 5% of the gross proceeds.
"Our successful exploration program in 2021 has identified multiple new and exciting targets including East Niv and Kwanika High-Grade," said Peter Bell, CEO of NorthWest Copper (TSX-V:NWST), in a statement.
"We are fully funded to advance exploration across our portfolio and to continue to explore for and delineate high-grade mineralization."
The gross proceeds from the sale of the Charity FT Shares will be used before December 31, 2022 for exploration at the company's properties in British Columbia, which will constitute 'Canadian exploration expenses' that will qualify as 'flow-through mining expenditures'. The Charity FT Shares are subject to a hold period expiring April 3, 2022, added NorthWest.
NorthWest Copper (TSX-V:NWST) Corp describes itself as a new copper-gold explorer and developer with an exciting pipeline of projects in British Columbia.
Contact the author at giles@proactiveinvestors.com