NorthWest Copper Completes Successful Private Placement Financing
NorthWest Copper Completes Successful Private Placement Financing
NorthWest Copper Corp. (TSXV: NWST) is delighted to announce that it has successfully completed a highly anticipated non-brokered private placement financing. This significant move has resulted in the issuance of 4,600,000 units, with each unit priced at $0.25, bringing the total gross proceeds to $1,150,000.
Details of the Private Placement
Each unit issued in the private placement comprises one common share and one non-transferable common share purchase warrant. The warrants allow for the purchase of additional common shares at an exercise price of $0.30 for a two-year period after the closing date. The successful completion of this financing underscores NorthWest Copper's strong position in the market.
Use of Proceeds
The proceeds from this financing will primarily be directed towards enhancing general working capital. This strategic allocation is aimed at bolstering the company's operational capabilities and exploring further opportunities within its advanced project pipeline.
Director Participation as Related Party Transactions
Significantly, two of NorthWest’s directors, Maryantonett Flumian and Enrico De Pasquale, have made substantial personal investments in this financing, acquiring a total of 300,000 units for $75,000. Moreover, insider John Kimmel has invested in 2,000,000 units for $500,000. This level of insider participation reflects the confidence the company’s leadership has in its strategic plans and market potential.
Regulatory Compliance and Reporting
As the financing involves related party transactions, NorthWest Copper intends to comply with the necessary regulatory requirements set out by Multilateral Instrument 61-101. Given that the total market impact of these transactions is considered below the required thresholds, the company will proceed without the formal valuation or minority shareholder approval typically mandated for larger involvement.
Overview of NorthWest Copper
NorthWest Copper is recognized as a prominent player in the copper-gold exploration sector, operating a promising portfolio of projects in British Columbia, including the Kwanika-Stardust, Lorraine, and East Niv projects. The company focuses on responsible exploration methods and actively engages with local First Nations to ensure that their projects adhere to best practices in environmental management and stewardship.
Future Growth Prospects
With a strong cash position bolstered by this financing, NorthWest Copper is well-positioned to advance its exploration initiatives and capitalize on the increasing demand for copper in a transitioning global economy. As investments in clean energy and electric vehicle technologies rise, the need for consistent copper supply becomes critical. NorthWest Copper aims to be at the forefront of this burgeoning market.
Contact Information
For more details regarding the company and its initiatives, stakeholders and interested parties are encouraged to reach out at:
Phone: 604-683-7790
Email: info@northwestcopper.ca
Frequently Asked Questions
What is the total amount raised in the private placement?
The total amount raised in the private placement was $1,150,000.
Who participated in the private placement?
Two directors of the company and an insider participated in the placement, purchasing a total of 2,300,000 units.
How will the proceeds be used?
The proceeds will primarily be used for general working capital purposes to support operational growth.
What projects does NorthWest Copper focus on?
NorthWest Copper focuses on several key projects, including Kwanika-Stardust, Lorraine, and East Niv in British Columbia.
How can one contact NorthWest Copper for more information?
Contact can be made via phone at 604-683-7790 or through email at info@northwestcopper.ca.
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