Deal now sells units of one common share, half-share warrant at C$0.30
By Devika Patel
Knoxville, Tenn., March 30 – Highland Copper Co. Inc. said it raised C$6.14 million in the first tranche of a C$10 million non-brokered private placement of units on March 11 and raised C$1.47 million in a second and third tranche on Monday.
Northfield Capital Group has committed to invest C$2 million in the deal, which priced on Dec. 16 and was revised on Feb. 26 and March 10.
The company is selling 40 million units of one common share and one half-share warrant at C$0.25 per unit. It sold 24,550,040 units in the first tranche and 5,860,706 units in the second and third tranches.
Each whole warrant is 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.
Settlement of the final tranche is expected in early April.
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
|
| Units: | 40 million
|
| Price: | C$0.25
|
| 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, March 10
|
| Settlement dates: | March 11 (for C$6,137,510), March 30 (for C$1,465,176)
|
| Stock symbol: | TSX Venture: HI
|
| Stock price: | C$0.40 at close Dec. 15
|
| Market capitalization: | C$22.3 million
|
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