NWCCF - NorthWest Copper Announces Closing of Final Tranche of Previously Announced Private Placement | Benzinga
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. ("NorthWest" or "the Company") (TSXV:NWST) is pleased to announce the closing of the fourth, and final, tranche of the previously announced Concurrent Private Placement1.
The final tranche of the Concurrent Private Placement consists of 22,051,905 common shares of the Company for gross proceeds of approximately $2,315,450. The total gross proceeds from the Rights Offering and the Concurrent Private Placement to date are $3,999,885 and will be used for working capital purposes and desk-top exploration work, including technical studies and drill target development. The Concurrent Private Placement is now closed.
The common shares issued pursuant to the final tranche of the Concurrent Private Placement are subject to a four month and a day hold period expiring May 24, 2024, in accordance with applicable Canadian securities laws, and TSX Venture Exchange hold period, as applicable.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Aggregate cash broker fees of $11,536 will be paid to Echelon Wealth Partners Inc., CIBC World Markets Inc., Canaccord Genuity Corp., and RBC Dominion Securities Inc. in connection with the Concurrent Private Placement.
In the Concurrent Private Placement, Mr. John Kimmel acquired 14,285,714 common shares for aggregate consideration of $1.5 million. Immediately prior to the completion of the Concurrent Private Placement, Mr. Kimmel beneficially owned, directly or indirectly, or exercised control or direction over, 15,656,243 common shares and warrants (the "Warrants") to acquire 3,260,870 common shares exercisable at a price of $0.30 per common share until February 3, 2025 representing approximately 7.56% of the issued and outstanding common shares on a non-diluted basis and 8.99% on a partially diluted basis.
Immediately following the closing of the Concurrent Private Placement, Mr. Kimmel beneficially owned, directly or indirectly, or exercised control or direction over, 29,941,957 common shares and the Warrants representing approximately 13.06% of the issued and outstanding common shares on a ...