/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/
TSX Venture Exchange Symbol: NCX
VANCOUVER, BC, Nov. 3, 2020
/CNW/ - Northisle Copper and Gold Inc. (TSXV:
NCX)("Northisle" or the "Company") is pleased to announce that
it has closed the Company's previously announced (see Company News
Releases dated October 13, 2020 and
October 14, 2020) oversubscribed
non-brokered private placement of common shares (the
"Placement").
Pursuant to the Placement, Northisle issued 24,607,678 common
shares of the Company (the "Common Shares") at a price of
C$0.13 per Common Share for
gross proceeds to the Company of approximately C$3,200,000. The Common Shares issued
pursuant to the Placement are subject to a four month hold period
in accordance with applicable Canadian securities laws.
The proceeds will be used by the Company to complete the updated
Preliminary Economic Assessment as described in the October 5th, 2020 press release, advance
exploration activities, and for general working capital
purposes.
Dale Corman, a director of the
Company, and Sam Lee, President and
CEO of the Company, participated in the Placement by purchasing an
aggregate of 1,530,000 Common Shares. Accordingly, the Placement
constitutes a related-party transaction under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The transaction
is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 pursuant to sections 5.5(a) and
5.7(1)(a) of MI 61-101 as neither the fair market value of any
securities issued to nor the consideration paid by Dale Corman and Sam
Lee would exceed 25% of the Company's market capitalization.
The Company did not file a material change report more than 21 days
before the expected closing of the Placement as the details of the
Placement and the participation therein by related parties of the
Company were not settled prior to the closing of the Placement and
the Company wished to close on an expedited basis for sound
business reasons.
In connection with the Placement and in accordance with the
policies of the TSX Venture Exchange, finder's fees totaling
approximately C$110,040 in cash were
paid to Agentis Capital Markets Canada Limited Partnership.
About Northisle
Northisle Copper and Gold Inc. is a Vancouver based company whose mission is to
become a leading and sustainable mineral resource company for the
future. Northisle owns the North Island Project ("the
Project"), which is one of the most promising copper and gold
porphyry deposits in Canada. The
Project is located near Port Hardy,
British Columbia on a 33,149-hectare block of mineral titles
100% owned by NorthIsle stretching 50 kilometres northwest from the
now closed Island Copper Mine operated by BHP Billiton. The Project
boasts a large resource base that serves as the basis for the
Preliminary Economic Study issued in 2017.
For more information on Northisle please visit the
Company's website at www.Northisle.ca.
On behalf of Northisle Copper and Gold Inc.
Sam Lee
President and CEO
www.northisle.ca
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Cautionary Statements regarding Forward-Looking
Information
Certain information in this news release constitutes
forward-looking statements under applicable securities law.
Any statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "intend" and
similar expressions. Forward-looking statements in this news
release include, but are not limited to, statements relating
to anticipated use of proceeds from the
Placement. Forward-looking statements necessarily
involve known and unknown risks, including, without limitation,
Northisle's ability to implement its business strategies; risks
associated with mineral exploration and production; risks
associated with general economic conditions; adverse industry
events; marketing and transportation costs; loss of markets;
volatility of commodity prices; inability to access sufficient
capital from internal and external sources, and/or inability to
access sufficient capital on favourable terms; industry and
government regulation; changes in legislation, income tax and
regulatory matters; competition; currency and interest rate
fluctuations; and other risks. Readers are cautioned that the
foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release
represent the expectations of management of Northisle as of the
date of this news release, and, accordingly, are subject to change
after such date. Northisle does not undertake any obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
SOURCE NorthIsle Copper and Gold Inc.