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NorthWest announces closure of Tranche 1 with the integration of its 100% stake in the Canadian Business Journal’s Kwanika project

Vancouver, British Colombia, February 24, 2022 (GLOBE NEWSWIRE) — NorthWest Copper (“NorthWest” or “Company”) (TSX-V: NWST, OTCQX: NWXCC), Northwest is Kwanika Copper Corporation (“KCC”) POSCO International Corporation (“POSCO”) in consideration of a previously announced agreement to purchase a 31% stake in POSCO for a total of $ 11 million (“Tranche 1”) (“Tranche 1”). “Trading”), paying in Northwest stock (“Compensation stock”). KCC is a British Columbia company that owns 100% of the Kwanika project. Upon completion of the transaction, KCC will become a wholly owned subsidiary of NorthWest, which now owns a wholly owned stake in the Kwanika project. As part of the closing of Tranche 1, the shareholder joint venture between the parties has been terminated and POSCO’s rights or rights in the Quanica project under the shareholder joint venture have been terminated, including off-take rights.

Transaction terms

This transaction has been approved by the TSX Venture Exchange. In accordance with the terms and conditions of the transaction, Northwest will issue a total of $ 11 million in consideration to POSCO in three tranches over a period of approximately four months, according to the schedule below.

Tranche date of issue Deemed value (C $) NWST Stock Price (C $)
Tranche 1 February 23, 2022 $ 4,000,000 $ 0.77
Tranche 2 Tranche 1 to 60 days later $ 4,000,000 20-day VWAP tracking on issue date
Tranche 3 Tranche 1 to 120 days later $ 3,000,000 20-day VWAP tracking on issue date

As part of the closing of Tranche 1, Northwest has issued POSCO a consideration for 5,194,805 shares. All issued consideration shares are subject to a holding period that expires four months and one day from the date of issue. The holding period of the consideration shares of Tranche 1 will expire on June 24, 2022. POSCO has agreed to some resale restrictions on consideration shares, including a minimum 30-day notice period prior to all types of sales and monthly restrictions on public sales. exchange. NorthWest’s issuance of consideration shares for Tranche 2 and Tranche 3 to POSCO may be accelerated subject to the approval of both parties. The final tranche will be published by June 2022.

About NorthWestCopper:

NorthWest is a new copper-gold explorer and developer with an exciting pipeline of projects in British Columbia. Northwest Airlines has a strong portfolio in Tier 1 jurisdictions and is in a position to fully participate in the strengthening global copper market. Additional information can be found on our website. www.northwestcopper.ca..

NorthWest Copper Corp.On behalf of the board of directors

“Peter Bell”
Director, President and Chief Executive Officer

For more information, please contact:

Adrian O’Brien, Director of Marketing & Communication
Tel: 604-809-6890
Email: aobrien@northwestcopper.ca

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

Precautions regarding forward-looking statements

All statements in this press release regarding expected future events or consequences constitute statements regarding future prospects, including but not limited to statements regarding:.. Forward-looking statements are not always, but words and events such as “seeking,” “expecting,” “believing,” “planning,” “estimating,” “expecting,” and “intended.” Or the result “possible”, “do”, “should”, “possible” or “possible” occurs or is achieved, and other similar expressions. All statements except historical facts contained in this document are forward-looking statements. NorthWest believes that expectations reflected in such forward-looking statements and / or information are reasonable, but NorthWest cannot provide any assurance that such expectations are correct. Therefore, you should not place excessive reliance on forward-looking statements. These statements include known and unknown risks, uncertainties, and other factors that may cause actual results and events to differ materially from those expected in such forward-looking statements. increase. This includes risks, uncertainties, and other factors identified in Northwest’s regular submissions to Canadian securities regulators. Forward-looking statements are subject to business and economic risks, uncertainties, and other factors that may cause actual results to differ materially from those contained in the forward-looking statements. Key factors that can cause actual results to differ materially from Northwest’s expectations include risks associated with Northwest’s business. Risks associated with reliance on technical information provided by NorthWest. Risks associated with the exploration and potential development of our mineral properties. Business and economic conditions in the mining industry in general. Fluctuations in commodity prices and exchange rates. Uncertainty regarding interpretation of drilling results and geology, continuity, and deposit grade. The need for cooperation between government agencies and indigenous groups in the exploration and development of real estate and the issuance of the required permits. The need to obtain additional funding to develop characteristics and uncertainties regarding the availability and terms of future funding. Possible delays in exploration or development programs, and the uncertainty of meeting expected program milestones. Uncertainty regarding the timely availability of permits and other government approvals, including the approval of the TSX Venture Exchange for transactions. And other risk factors (details from time to time) and additional risks identified in the Northwest filings with Canadian securities regulators regarding SEDAR in Canada (details from time to time). www.sedar.com). Forward-looking statements are based on management estimates and opinions on the day the statement was made. NorthWest undertakes no obligation to update any forward-looking statement, except as required by applicable securities law. Investors should not place excessive reliance on forward-looking statements.


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NorthWest announces closure of Tranche 1 with the integration of its 100% stake in the Canadian Business Journal’s Kwanika project

Source link NorthWest announces closure of Tranche 1 with the integration of its 100% stake in the Canadian Business Journal’s Kwanika project

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