Highland Copper Company (HI-V) March 30, '15 is pleased to announce that it has raised an additional $1,465,176 under its previously announced non brokered private placement of units of its securities at a price of $0.25 per unit (the "Offering"). A first tranche was closed on March 11, 2015 for gross proceeds of $6,137,510. A total of 5,860,706 units comprising 5,860,706 common shares and 2,930,353 share purchase warrants ("Warrants") were issued under a second and third tranche. Each Warrant entitles the holder to purchase one additional common share for a period of 18 months, at $0.50 per share. The Warrants are subject to a right of accelerated expiry at the Company's option when the closing price of its common shares on the TSX Venture ("TSXV") has exceeded $0.80 for twenty consecutive trading days at any time after six months from closing of the Offering.
Following closing of these tranches of the Offering, the Company has 127,377,491 common shares issued and outstanding. A cash finder's fee of up to 5% of the proceeds is being paid to certain finders in accordance with the TSXV policies. The Company expects to close a final tranche of the Offering in early April.
One director of the Company participated in the second tranche of the Offering, purchasing 1,500,000 units. This constitutes a related party transaction under TSXV Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement, which are available where the fair market value of the transaction insofar as the transaction involved the interested party does not exceed 25% of the Company's market capitalization.
The securities issuable under the Offering are subject to a hold period expiring four months and one day after the closing date.
Warrant Extension
Highland is pleased to confirm that the TSXV has consented to the extension of the expiry date of 41,250,000 share purchase warrants originally issued in May 2012 (the "2012 Warrants") as part of a non-brokered private placement of the Company's securities completed at that time. The new expiry date of the 2012 Warrants is March 31, 2016. The exercise price of $0.75 remains unchanged.
Warrant holders are advised that replacement 2012 Warrant certificates will not be issued and that the original 2012 Warrant certificates should be retained as they must be presented to Highland in order to exercise the 2012 Warrants.
ABOUT HIGHLAND
Highland Copper Company Inc. is a Canadian exploration company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A., including White Pine North, Copperwood, and the Keweenaw projects. Additional information about Highland is available on the Company's website at www.highlandcopper.com and on SEDAR at www.sedar.com
James Crombie, interim president
1.450.677.2455
info@highlandcopper.com
www.highlandcopper.com |
