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  • Northisle Copper and Gold Inc. (NCX) has increased its private placement
  • Northisle is a Vancouver based company which owns the North Island Project
  • $6.5 million will be sold as flow-through shares for $0.40 apiece, the rest for $0.31.
  • The gross proceeds from the private placement will be used for exploration expenses
  • Northisle Copper and Gold Inc. (NCX) is down 8.62 per cent and is trading at $0.26 per share s of 12:20 a.m. ET

Northisle Copper and Gold (NCX) has increased its non-brokered private placement for gross proceeds of up to $7 million.

Northisle is a Vancouver based company which owns the North Island Project, a prospective copper and gold asset.

The updated outlines include approximately $6.5 million worth of flow-through common shares for $0.40 each and the remainder going towards flow-through common shares for of $0.31 per share

The offering has been fully distributed and the company expects to sell approximately 18 million shares.

 “The goal of this offering was to not only fund our exploration programs for critical metals but to increase institutional shareholder ownership and strengthen our shareholder base which we have achieved,” Sam Lee, President and CEO of Northisle said.

Select insiders of Northisle have expressed their interest in participating in the offering. The company stated it will release the details of this agreement shortly.

The gross proceeds from the private placement will be used for exploration expenses.

Northisle may end up paying finder’s fees related to the offering due to regulatory conditions.

Northisle Copper and Gold Inc. (NCX) is down 8.62 per cent and is trading at $0.26 per share s of 12:20 a.m. ET.

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