07:47 AM EDT, 07/04/2025 (MT Newswires) -- NorthWest Copper ( NWCCF ) on Friday closed its previously announced oversubscribed non-brokered private placement for proceeds of $555,000.

The company sold 2.8 million units at $0.20 per unit, with each unit consisting of one common share and one half of one non-transferable common share purchase warrant, with each warrant exercisable to buy one additional common share of the company at $0.30 until July 3, 2027.

Proceeds will be used primarily for general working capital purposes. The company added that three of its directors Maryantonett Flumian, Enrico De Pasquale and Paul Olmsted bought a total of 400,000 units for proceeds of $80,000.

"The increased demand under the private placement reflects confidence in our new strategic approach at Kwanika where we are targeting higher-grade zones identified within the current mineralization," said Northwest Copper ( NWCCF ) Chief Executive Paul Olmsted. "Closing of this financing is an important step as we prepare to launch and execute on the next phase of exploration drilling and metallurgical work aimed at enhancing value at Kwanika."

Shares of the company closed unchanged at $0.20 on Thursday on the TSX Venture Exchange.