- NorthWest Copper (NWST) will acquire POSCO’s 31-per-cent interest in the Kwanika Project in B.C.
- It will pay total consideration of C$11 million in shares
- At closing, POSCO and NorthWest’s Kwanika Copper Corporation JV will become the latter’s wholly-owned subsidiary
- NorthWest will then hold a 100-per-cent interest in the Kwanika Project
- NorthWest Copper is a diversified copper-gold explorer and developer focused on a pipeline of projects in British Columbia
- NorthWest Copper (NWST) is up by 2.60 per cent and is currently trading at $0.79 per share
NorthWest Copper (NWST) will acquire POSCO’s 31-per-cent interest in the Kwanika Project in B.C.
It will pay total consideration of C$11 million in shares.
Transaction terms
| Tranche | Date of issue | Deemed value | NWST share price |
| 1 | Upon first closing | $4,000,000 | $0.77 |
| 2 | 60 days after tranche 1 | $4,000,000 | Trailing 20-day VWAP at date of issue |
| 3 | 120 days after tranche 1 | $3,000,000 | Trailing 20-day VWAP at date of issue |
At closing, the companies’ Kwanika Copper Corporation JV will become NorthWest’s wholly-owned subsidiary.
NorthWest will then hold a 100-per-cent interest in the Kwanika Project.
Kwanika is located in the prolific Quesnel Terrane and is easily accessible by road from Fort St. James. It hosts two bulk tonnage calc-alkaline porphyry copper-gold deposits that provide the undertaking with critical mass.
“Consolidating ownership of our Kwanika Project is a huge positive step for the company, allowing all of our successful exploration and development efforts to flow to our shareholders,” stated Peter Bell, President and CEO of NorthWest Copper.
“We thank POSCO for their dedication in advancing Kwanika to date,” he continued, “and look forward to welcoming them as cornerstone shareholders of NorthWest going forward.”
NorthWest Copper is a diversified copper-gold explorer and developer focused on a pipeline of projects in British Columbia.
NorthWest Copper (NWST) is up by 2.60 per cent and is currently trading at $0.79 per share as of 11:23 am EST.
