TSX Venture Exchange Symbol: NCX
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY
OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES/
VANCOUVER, B.C, Feb. 18, 2021
/CNW/ - Northisle Copper and Gold Inc. (TSX-V:
NCX) ("Northisle" or the "Company") is pleased to announce
that has increased the size of its previously announced
$5 million non-brokered private
placement to approximately $7
million, consisting of: (i) common shares ("Common Shares")
at a price of $0.262 per Common Share
(the "NFT Offering"); (ii) flow-through Common Shares at a price of
$0.31 per Common Share (the "FT
Offering") and (iii) flow-through Common Shares at a price of
$0.38 per Common Share (the "Charity
FT Offering" and together with the NFT Offering and FT Offering,
the "Offering"). The Offering has been fully allocated and is
anticipated to result in the issuance of approximately 21 million
shares.
![Northisle Logo (CNW Group/NorthIsle Copper and Gold Inc.) Northisle Logo (CNW Group/NorthIsle Copper and Gold Inc.)](https://mma.prnewswire.com/media/1440418/NorthIsle_Copper_and_Gold_Inc__Northisle_Announces_Upsize_of_Ove.jpg)
Sam Lee, President and CEO of
Northisle commented: "With the original offering significantly
oversubscribed we felt it prudent to upsize our base offering to
$7 million, while limiting
dilution, and now expect to be fully funded for our 2021
exploration program. Following completion of this financing,
we will have raised over $10 million
in a short few months and expect to be sufficiently capitalized to
execute on our exploration and development strategy for this
year. We are humbled by the strong support we received from
our existing shareholders who all believe in our mission of
becoming Canada's leading and
sustainable mineral resource company for the future, and we look
forward to welcoming our new shareholders and thank them for their
confidence in our Company. We also look forward to sharing
our progress on our exploration in the near-term while continuing
to advance important development work in support of a
pre-feasibility study at our highly attractive North Island
Project."
Certain insiders of the Company, including Dale Corman, Sam
Lee and Nicholas Van Dyk
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 FT Offering and Charity FT Offering
will be used to incur expenses ("qualifying expenses") that are
eligible "Canadian exploration expenses" and "flow-through mining
expenditures" within the meaning of subsection 66.1(6) and
subsection 127(9) of the Tax Act, respectively, and will also be
eligible for British Columbia's
20% flow-through share tax credit. The net proceeds from the NFT
Offering will be used to advance the North Island Project and for
general working capital purposes.
The Offering is non-brokered; however, the Company may pay
finder's fees in connection with the Offering in 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 Common 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. The offering is anticipated to close on or about March 17, 2021.
About Northisle
Northisle Copper and Gold Inc. is a Vancouver based company whose mission is to
become Canada's leading
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 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 Company recently
completed a preliminary economic assessment which demonstrated the
potential of the Red Dog and Hushamu deposits and is aggressively
advancing its exploration and development program in 2021.
For more information on Northisle please visit the
Company's website at www.northisle.ca.
On behalf of Northisle Copper and Gold Inc.
Nicholas Van Dyk, CFA
Vice President, Corporate Development and Investor Relations
Tel: (778) 655-9582
Email: info@northisle.ca
www.northisle.ca
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Cautionary Statements regarding Forward-Looking
Information
Certain information in this news release
constitutes forward-looking statements under applicable securities
law. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expect", "intend" and similar expressions. Forward-looking
statements in this news release include, but are not limited to,
statements relating to the ability to complete the Offering on the
proposed terms or at all, anticipated use of proceeds from the
Offering, the participation of certain insiders and others in the
Offering, and receipt of regulatory approvals with respect to the
Offering as well as any other future plans, objectives or
expectations of Northisle. Forward-looking statements necessarily
involve known and unknown risks, including, without limitation,
Northisle's ability to implement its business strategies; risks
associated with mineral exploration and production; risks
associated with general economic conditions; adverse industry
events; marketing and transportation costs; loss of markets;
volatility of commodity prices; inability to access sufficient
capital from internal and external sources, and/or inability to
access sufficient capital on favourable terms; industry and
government regulation; changes in legislation, income tax and
regulatory matters; competition; currency and interest rate
fluctuations; and other risks. Readers are cautioned that the
foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release
represent the expectations of management of Northisle as of the
date of this news release, and, accordingly, are subject to change
after such date. Northisle does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
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.
SOURCE NorthIsle Copper and Gold Inc.