Northisle Copper and Gold Inc. (TSX-V: NCX) (“Northisle” or the “Company”) today announced that Northisle’s Board of Directors has approved of the issuance of 403,500 stock options (the “Options”) pursuant to the Company’s incentive stock option plan. The Options provide for the purchase of an aggregate of 403,500 Common Shares at an exercise price of $0.18 per share, which is the closing price for the Company’s shares on the TSX-V as of May 26, 2023. The options have a 5 year term and vest one third per year commencing on May 26, 2023.
In addition, the Board of Directors has approved the issuance of 381,500 restricted share units (the “RSUs”), pursuant to the Company’s Share Unit Plan as approved at the Company’s 2021 Annual General Meeting. The RSUs will vest one third per year commencing on May 26, 2024.
The Company uses equity compensation in order to attract and retain skilled and experienced executives and directors while reducing the impact on cash resources. Combined with the Company’s LTIP issuance in November 2022, the company has issued a total of 3,176,800 Options, 828,800 RSUs and 571,200 deferred share units (“DSUs”) to directors, officers, employees and consultants for its 2022 performance compensation program.
Further terms of the Options, DSUs and RSUs can be found in the Company’s Stock Option Plan and Share Unit Plan as filed on SEDAR.
Northisle Copper and Gold Inc. is a Vancouver-based company whose mission is to become Canada’s leading sustainable mineral resource company for the future. Northisle owns the North Island Project, which is one of the most promising copper and gold porphyry deposits in Canada. The North Island Project is located near Port Hardy, British Columbia on a more than 34,000-hectare block of mineral titles 100% owned by Northisle stretching 50 kilometres northwest from the now closed Island Copper Mine operated by BHP Billiton. Northisle completed an updated preliminary economic assessment for the North Island Project in 2021 and is now focused on advancement of the project through a prefeasibility study while continuing exploration within this highly prospective land package.
For more information on Northisle please visit the Company’s website at www.northisle.ca.
Cautionary Statements regarding Forward-Looking Information
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to the results of the company’s executive appointments as well as any other future plans, objectives or expectations of Northisle. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, Northisle’s ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; stakeholder engagement; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release represent the expectations of management of Northisle as of the date of this news release, and, accordingly, are subject to change after such date. Northisle does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.