Non-brokered deal proceeds will acquire interest in copper properties
By Devika Patel
Knoxville, Tenn., April 23 - Highland Resources Inc. said it will conduct a C$16.5 million non-brokered private placement of units.
The company will sell 206.25 million units of one common share and one warrant at C$0.08 per unit, with each two-year warrant exercisable at C$0.15. The strike price is a 66.67% premium to the April 20 closing share price of C$0.09.
Proceeds will be used to acquire a 65% interest in copper properties in the Keweenaw and Houghton counties of Michigan and for working capital.
Highland is a copper explorer based in Vancouver, B.C.
| Issuer: | Highland Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$16.5 million
|
| Units: | 206.25 million
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | April 23
|
| Stock symbol: | TSX Venture: HI
|
| Stock price: | C$0.09 at close April 20
|
| Market capitalization: | C$2.71 million
|
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