VANCOUVER, British Columbia, June 04, 2021 (GLOBE NEWSWIRE) — NorthWest Copper (“NorthWest” or the “Company”) (TSXV:NWST) is pleased to announce financial results for the fiscal year ended February 28, 2021 and recent operating highlights.
Highlights and Recent Events
Merger with Sun Metals Corp.
On March 5, 2021, the Company announced it had completed the previously announced plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”) with Sun Metals Corp. (“Sun Metals”) pursuant to which NorthWest acquired all of the issued and outstanding shares of Sun Metals (the “Transaction”) on the basis of 0.215 common shares for each share of Sun Metals held. In connection with closing the Transaction, the gross proceeds of $10,350,000 of the bought deal private placement financing completed by Sun Metals in December 2020, less the underwriters cash commission of 6% and underwriters’ expenses, were released from escrow1.
Funded Future Growth
On March 31, 2021 the Company closed an additional bought-deal private placement, pursuant to which the Company issued 3,750,000 common shares (the “Shares”) at a price of $0.80 per Share, 5,000,000 flow-through common shares (the “FT Shares”) at a price of $1.00 per FT Share, and 4,550,000 charity flow-through common shares (the “Charity FT Shares”) at