TORONTO, May 14, 2026 (GLOBE NEWSWIRE) -- NorthWest Copper ("NorthWest" or the "Company") (TSXV:NWST) is pleased to announce the closing of the previously announced "best efforts" brokered private placement for gross proceeds of approximately $13.8 million, including the exercise of the Agents option (the "Offering"). Stifel Canada acted as sole bookrunner and co-lead agent with Canaccord Genuity Corp. (together with Stifel Canada, the "Agents").
CEO Paul Olmsted stated, "the completion of this financing marks an important milestone for NorthWest Copper as we continue to execute on our growth strategy. This successful financing strengthens the Company's financial position and supports continued advancement of our flagship Kwanika-Stardust project toward its next stage of development. Investor demand for the financing was strong, highlighted by the full exercise of the Agents' option, reflecting continued support for the Company's strategy and confidence in the potential of its copper-gold project portfolio. With this strengthened financial position, the Company is well-funded to deliver an updated Preliminary Economic Assessment ("PEA") for the Kwanika-Stardust project, targeted for mid 2026, as well as execute on a 2026 exploration drilling program focused on upgrading and expanding the mineral resource base. Planning for a targeted 12,000-metre drill program has now been completed, with drilling expected to commence by mid-June. We look forward to providing shareholders with continued updates as we advance the PEA and execute on our planned exploration activities at Kwanika-Stardust and Lorraine."
The Offering consisted of the sale of the following securities:
10,608,870 hard dollar units (the "HD Units") at a price of $0.35 per HD Unit for gross proceeds of $3.7 million,
4,507,400 charity flow-through units (the "CFT Units") at a price of $0.515 per CFT Unit for gross proceeds of $2.3 million, and
18,996,552 flow-through units (the "FT Units") at a price of $0.41 per FT Unit for gross proceeds of $7.8 million.
Each HD Unit, CFT Unit and FT Unit consisted of one common share ("Common Share") of the Company and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each of the Common Shares and Warrants underlying the CFT Units and FT Units will qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.45 for a period of 24 months following closing of the Offering.
The net proceeds from the Offering will be used to complete an updated Preliminary Economic Assessment on the Company's Kwanika-Stardust project, to advance exploration at Kwanika, to conduct surface work at the Company's Lorraine project, to advance other exploration projects held by the Company, particularly East Niv, and for working capital and general corporate purposes.
Certain insiders, directors ...
