Published on 11/2/2009 in the Prospect News PIPE Daily.
New Issue: Highland Resources raises C$1.98 million in placement of stock, units
By Devika Patel
Knoxville, Tenn., Nov. 2 - Highland Resources Inc. said it raised C$1.98 million in a non-brokered private placement of shares and units. The deal priced Sept. 18 for C$1.5 million.
The company sold 3,696,666 units of one common share and one half-share warrant at C$0.15 per unit for C$554,500. Highland also sold 5,691,498 flow-through shares at C$0.15 each for C$1.42 million.
Each whole two-year warrant is exercisable at C$0.20 in the first year and at C$0.30 thereafter.
Proceeds will be added to working capital and be used for exploration.
Highland is a Vancouver, B.C.-based capital pool company.
Issuer: | Highland Resources Inc.
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Issue: | Units of one common share and one half-share warrant, flow-through shares
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Amount: | C$1,977,375
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Price: | C$0.15
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Agent: | Non-brokered
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Pricing date: | Sept. 18
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Settlement date: | Nov. 2
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Stock symbol: | TSX Venture: HI.P
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Stock price: | C$0.155 at close Sept. 17
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Market capitalization: | C$1.77 million
|
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Units
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Amount: | C$554,500
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Units: | 3,696,666
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.20 in the first year, C$0.30 thereafter
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Flow-through shares
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Amount: | C$1,422,875
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Shares: | 5,691,498
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Warrants: | No
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