NWCCF - NorthWest Copper Completes Property Sale | Benzinga
VANCOUVER, British Columbia, Oct. 11, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper ("NorthWest" or "the Company") (TSXV:NWST) (OTCQX:NWCCF) is pleased to announce that it has completed the sale of a series of mineral claims located in the province of British Columbia commonly referred to as the "Okeover Copper (molybdenum) Project" (the "Property"), pursuant to a property sale agreement (the "Agreement") with Alpha Copper Corp. ("Alpha") (CSE:ALCU) previously announced on September 25, 2023. The Company has retained a 2% net smelter return on the Property (the "NSR Royalty").
Pursuant to the Agreement, Alpha has issued to NorthWest 5,675,369 common shares of Alpha (the "Shares") having an aggregate value of $500,000 at a deemed price per Share of $0.0881. The Shares are subject to a statutory hold period in accordance with applicable securities laws, and one-half (50%) of the Shares are subject to a 12-month lock-up.
The NSR Royalty entitles NorthWest to a 2% royalty on the sale of all ores, doré, concentrates, metals, minerals and mineral by-products that are produced or extracted by or on behalf of Alpha from the Property, which may be bought down by Alpha by one half with a cash payment of $1,000,000.
About NorthWest Copper:
NorthWest Copper is a copper-gold explorer and developer with an exciting pipeline of projects in British Columbia. With a robust portfolio in a tier one jurisdiction, ...