Northisle Copper and Gold has successfully closed its brokered and non-brokered private placements, securing a total of C$39.5m ($28.7m) in gross proceeds.
The financing includes a significant investment from Wheaton Precious Metals, marking a robust phase of capital inflow for the mining company.
The brokered offering generated approximately C$34.5m, comprising around 9.33 million common shares (flow-through or CFT Shares) at C$1.6065 each and nearly 18.57 million common shares (Non-CFT Shares) at C$1.05 each.
This includes an over-allotment option, resulting in an additional 4.28 million shares.
Paradigm Capital led the syndicate of agents, which also included First Nations Financial Markets, Red Cloud Securities, Ventum Financial and Raymond James.
The agents received a commission of approximately C$1.87m, calculated as 6% of the gross proceeds, except for a reduced 2% commission on subscriptions from a president's list provided by Northisle.
The brokered shares, offered to Canadian residents excluding Quebec, are not subject to a statutory hold period, except for the TSX Venture Exchange's four-month rule.
Some shares were also issued in the US under exemptions from the US Securities Act's registration requirements.
The non-brokered offering, comprising around 4.76 million common shares at C$1.05 each, raised approximately C$5m.
These shares are subject to a four-month-plus-one-day hold period under Canadian securities laws.
The proceeds from the CFT Shares will finance eligible Canadian exploration expenses at the North Island Project.
The funds from the Non-FT Shares and the non-brokered offering will support exploration, project development and general corporate activities.
In relation to the non-brokered offering, Wheaton Precious Metals has entered into an agreement with Northisle, providing Wheaton with a right of first refusal on precious metal streams or royalties on selected claims from the North Island Project.
This includes a 1km area of interest surrounding these claims, in exchange for C$10,000.
