Northisle closes C$39.5 million financing with Wheaton participation

Northisle Copper and Gold Inc. (TSXV: NCX) completed private placement financings totaling C$39.5 million gross proceeds, according to a company statement.

The financing comprised two components: a brokered offering that raised approximately C$34.5 million and a non-brokered placement with Wheaton Precious Metals Corp. that generated C$5 million.

The brokered offering included 9,338,000 flow-through shares priced at C$1.6065 each and 18,573,086 common shares at C$1.05 per share. A syndicate led by Paradigm Capital Inc. conducted the brokered placement, receiving a cash commission of C$1,874,197.04, calculated at 6% of gross proceeds with a reduced 2% rate for certain subscribers.

Wheaton Precious Metals purchased 4,762,000 common shares at C$1.05 each in the non-brokered offering. In connection with this investment, Wheaton entered into a right of first refusal agreement with Northisle, paying C$10,000 for rights to precious metal streams or royalties on selected claims from the North Island Project plus a one-kilometer surrounding area.

Proceeds from the flow-through shares will fund Canadian exploration expenses at the North Island Project that qualify as flow-through critical mineral mining expenditures. The company must incur these expenditures by December 31, 2026, and renounce them to subscribers by December 31, 2025.

Net proceeds from the common shares will support exploration, project development and general corporate purposes at the North Island Project, located near Port Hardy, British Columbia on a 34,000-hectare property.

One company director participated in the brokered offering, purchasing 200,000 shares for C$210,000, constituting a related party transaction exempt from formal valuation requirements under applicable securities regulations.

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