- Northisle Copper and Gold (TSXV:NCX) closed private placements for a total of C$39.5 million
- These include a C$34.5 million brokered listed issuer financing exemption deal, as well as a non-brokered C$5 million deal with Wheaton Precious Metals (TSX:WPM), one of the world’s top precious metals streaming companies
- Northisle is a Vancouver-based mineral resource company developing one of the most promising copper and gold porphyry deposits in Canada
- Northisle stock has added 170 per cent year-over-year and 912.50 per cent since 2020
Northisle Copper and Gold (TSXV:NCX) closed private placements for a total of C$39.5 million, including a C$34.5 million brokered listed issuer financing exemption deal, as well as a non-brokered C$5 million deal with Wheaton Precious Metals (TSX:WPM), one of the world’s top precious metals streaming companies.
This content has been prepared as part of a partnership with Northisle Copper and Gold Inc. and Wheaton Precious Metals Corp., and is intended for informational purposes only.
Proceeds will primarily go towards exploration and development at the North Island project in British Columbia, which houses one of the most promising copper and gold porphyry deposits in Canada. Here are the highlights:
- A 2024 preliminary economic assessment detailing an after-tax net present value of C$1.99 billion, initial capital costs of C$1.14 billion and a payback period of 1.9 years.
- A 2024 resource estimate supporting 3.1 billion pounds of copper, 6.9 million ounces of gold, 149 million pounds of molybdenum and 847,000 pounds of rhenium indicated, as well as 571 million pounds of copper, 1.5 million ounces of gold, 24 million pounds of molybdenum and 147,000 pounds of rhenium inferred.
According to Friday’s news release, Wheaton paid C$10,000 for a right of first refusal on precious metal streams or royalties tied to strategic North Island claims, plus a 1-kilometre area of interest surrounding these claims, setting an optimistic tone as Northisle advances towards a planned pre-feasibility study to further clarify project value to the marketplace.
Financing details
The brokered offering saw Northisle issue 9,338,000 common shares priced at C$1.6065, each qualifying as a flow-through share, in addition to 18,573,086 non-flow-through shares priced at C$1.05.
Wheaton’s non-brokered offering, for its part, involved the issuance of 4,762,000 Northisle shares priced at C$1.05, with each share subject to a hold period of four months and one day as required under Canadian securities laws.
Leadership insights
“We are pleased to welcome Wheaton, a leading precious metals company, and several significant institutional investors to our share registry,” Sam Lee, Northisle Copper and Gold’s president and chief executive officer, said in a statement. “With an oversubscribed, upsized deal and the exercise of the agents’ option, we can now confidently accelerate the development of the project through to a pre-feasibility study while continuing to advance the exploration of this highly prospective porphyry belt.”
About Northisle Copper and Gold
Northisle is a Vancouver-based mineral resource company developing its flagship North Island project, housing one of the most promising copper and gold porphyry deposits in Canada.
Northisle stock (TSXV:NCX) is down by 2.8 per cent trading at C$1.22 as of 10:19 am ET. The stock has added 170 per cent year-over-year and 912.50 per cent since 2020.
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