SEOUL, South Korea, Sept. 07, 2022 (GLOBE NEWSWIRE) -- POSCO International Corporation (“POSCO”) announces that it has acquired 7,228,916 common shares (the “Tranche 3 Shares”) of NorthWest Copper Corp. (“NorthWest”). The Tranche 3 Shares were issued to POSCO in connection with its previously-announced agreement with NorthWest dated December 28, 2021 (the “Share Purchase Agreement”) under which NorthWest agreed to acquire all of POSCO’s approximately 31% remaining interest in Kwanika Copper Corporation for total consideration of C$11 million (the “Transaction”), payable in three tranches of common shares of NorthWest (the “Consideration Shares”). The Tranche 3 Shares have a value of C$0.415 per Consideration Share and an aggregate value of approximately C$3 million and represent the final tranche of Consideration Shares to be issued as part of the Transaction. The Consideration Shares are traded on the TSX Venture Exchange.
Prior to the issuance of the Tranche 3 Shares, POSCO held 11,129,523 common shares of NorthWest, representing approximately 7.1% of the issued and outstanding shares of NorthWest on a fully-diluted basis. Following the issuance of the Tranche 3 Shares, POSCO holds 18,358,439 common shares of NorthWest, representing approximately 11.1% of the issued and outstanding common shares of NorthWest.
POSCO reviews its holdings in NorthWest on a continuing basis and may from time to time and at any time dispose of, or acquire, additional common shares of NorthWest. Pursuant to the terms of the Share Purchase Agreement, all Consideration Shares issued to POSCO will be subject to a hold period expiring four months and one day from the date of issue. POSCO has agreed to several resale restrictions in respect of the Consideration Shares including a minimum 30-day notice period prior to sales of any kind and a monthly limit on any sales on public exchanges.
This press release is being issued pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report to be filed by POSCO in connection with the transaction described herein will be available on NorthWest’s SEDAR profile at www.sedar.com.
The head office of the NorthWest is located at Suite 1900, 1055 West Hastings Street, Vancouver, BC V6E 2E9, Canada. The head office of POSCO is located at 26F, 134, Teheran-ro, Gangnam-gu, Seoul, 06235, Korea.
For further information, or to otherwise request a copy of the report, please contact:
Mr. Yangkyun Oh
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.