NWCCF - NorthWest Copper Corp. Announces Launch of Rights Offering and Concurrent Private Placement | Benzinga
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VANCOUVER, British Columbia, Nov. 27, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (the "Company" or "NorthWest") (TSXV:NWST) announces it is undertaking a rights offering to raise gross proceeds of up to $3,340,936 (the "Rights Offering") and private placements to bring the total amount raised by the Company to no more than $4,000,000 ("Concurrent Private Placement").
Rights Offering
Pursuant to the Rights Offering, the Company will be offering 31,818,435 rights (the "Rights") to holders (the "Shareholders) of common shares in the capital of NorthWest (the "NorthWest Shares") at the close of business on the record date of December 5, 2023 (the "Record Date") on the basis of one (1) Right for each six (6) NorthWest Shares held. Each one (1) Right will entitle the holder to subscribe for one NorthWest Share at the subscription price of $0.105 per NorthWest Share.
Upon completion of the Rights Offering and assuming all Rights are exercised, the Company will have 222,729,048 NorthWest Shares outstanding, of which NorthWest Shares issued under the Rights Offering represent 14.29%.
The Rights will expire at 5:00 p.m. (Toronto time) (the "Expiry Time") on December 28, 2023 (the "Expiry Date"), after which time unexercised Rights will be void and of no value. Shareholders who fully exercise their Rights under the basic subscription privilege will be entitled to subscribe for additional NorthWest Shares, if available, as a result of unexercised Rights prior to the Expiry Time on the Expiry Date, subject to certain limitations as set out in the Company's Rights Offering circular dated November 27, 2023 (the "Circular"), which will be filed on SEDAR+ under NorthWest's profile at www.sedarplus.com, along with the Notice of Rights Offering on form 45-106F14 (the "Notice"). The Notice and the Rights DRS advice/subscription will be mailed to Shareholders in the Eligible Jurisdictions (as defined below) as of the Record Date on or about December 5, 2023. The Company expects to close the Rights Offering on or before December 28, 2023 subject to the requirement of the TSX Venture Exchange that any personal information forms required to be filed in respect of the Rights Offering have been cleared. The Rights will not be listed on any stock exchange trade or quotation board.
The Rights will be offered to Shareholders resident in all provinces and territories of Canada other than Quebec (the "Eligible Jurisdictions"). Shareholders resident in Quebec or outside of Canada who qualify under a prospectus exemption may participate in the Concurrent Private Placement (described below). Registered Shareholders in the Eligible Jurisdictions who wish to exercise their Rights must forward the completed subscription form, together with the applicable funds, to the rights agent, Odyssey Trust Company (the "Rights Agent"), on or before the Expiry Time on the Expiry Date. Shareholders who own their NorthWest Shares through an intermediary, such as a ...