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NorthWest Copper Announces Flow Through Private Placement to Fund Exploration at Kwanika
Globenewswire· 2025-07-16 11:00
Core Viewpoint - NorthWest Copper is initiating a non-brokered private placement to raise up to $2.5 million through the issuance of flow-through units, aimed at funding exploration activities at its Kwanika property [1][3]. Group 1: Offering Details - The private placement will consist of up to 11.1 million flow-through units priced at $0.225 per unit, with each unit comprising one flow-through common share and one half of a common share purchase warrant [1][2]. - Each whole warrant allows the purchase of one common share at an exercise price of $0.34 for a period of 24 months following the closing of the offering [2]. Group 2: Use of Proceeds - Proceeds from the offering will be directed towards targeting higher-grade sub-domains within the Kwanika Central Area and drilling the near-surface Transfer target located 350 meters south [3]. - The financing is intended to support a drill program in 2025, which aims to confirm and expand higher-grade target models, probe deeper extensions, and test nearby targets based on previous exploration results [4]. Group 3: Regulatory and Tax Considerations - The offering is subject to regulatory approvals, including that of the TSX Venture Exchange, and is expected to close around August 1, 2025 [4]. - The flow-through shares will qualify as flow-through shares under Canadian tax law, with proceeds used for eligible resource exploration expenses [5].