Deal now sells units of one common share, half-share warrant at C$0.30
By Devika Patel
Knoxville, Tenn., Feb. 26 – Highland Copper Co. Inc. said in a press release that it has revised the terms of its C$10 million non-brokered private placement of units “due to market conditions.” Northfield Capital Group has committed to invest C$2 million in the deal, which priced on Dec. 16.
The company will now sell units of one common share and one half-share warrant at C$0.30 per unit.
Each whole warrant will now be exercisable at C$0.50 for 18 months. The strike price is a 25% premium to the Dec. 15 closing share price of C$0.40.
Highland previously planned to sell 25 million units of one common share and one half-share warrant at C$0.40 per unit.
The warrants previously were exercisable at C$0.55, a 37.5% premium to the Dec. 15 closing share price of C$0.40.
Settlement is expected March 5.
Proceeds will be used for exploration, development and general corporate purposes.
The copper explorer is based in Longueuil, Quebec.
| Issuer: | Highland Copper Co. Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agents: | Non-brokered
|
| Investor: | Northfield Capital Group (for C$2 million)
|
| Pricing date: | Dec. 16
|
| Revised: | Feb. 26
|
| Settlement date: | March 5
|
| Stock symbol: | TSX Venture: HI
|
| Stock price: | C$0.40 at close Dec. 15
|
| Market capitalization: | C$14.13 million
|
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