Mr. Dennis McKnight reports
HI HO SILVER ANNOUNCES RECEIPT OF FUNDING TRANCHE AND NEGOTIATIONS TO OBTAIN CONTROLLING INTEREST IN A GOLD COMPANY
Hi Ho Silver Resources Inc. has expanded the use of funds in its participating convertible redeemable, Series A, preferred share offering announced on Aug. 9, 2013, to include an investment in Ascot Mining PLC.
The company was successful in negotiating the purchase of 125,157 preferred shares of Ascot Mining PLC at a cost of $200,000 (U.S.), which, upon conversion, gives the company a 4.7-per-cent interest in Ascot Mining. In addition the company obtained an option to acquire an additional 3,629,560 preferred shares at a cost of $5.8-million (U.S.), which, upon conversion, will give the company a 59.69-per-cent interest in Ascot Mining.
We seek Safe Harbor.
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