11:03:00 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Highland Copper Company Inc
Symbol HI
Shares Issued 127,377,491
Close 2015-03-19 C$ 0.23
Market Cap C$ 29,296,823
Recent Sedar Documents

Highland raises additional $1.46-million in financing

2015-03-30 12:30 ET - News Release

Mr. James Crombie reports

HIGHLAND RAISES ADDITIONAL $1.5 MILLION

Highland Copper Company Inc. has raised an additional $1,465,176 under its previously announced non-brokered private placement of units of its securities at a price of 25 cents per unit. A first tranche was closed on March 11, 2015, for gross proceeds of $6,137,510. A total of 5,860,706 units, comprising 5,860,706 common shares and 2,930,353 share purchase warrants, were issued under a second tranche and a third tranche. Each warrant entitles the holder to purchase one additional common share for a period of 18 months, at 50 cents per share. The warrants are subject to a right of accelerated expiry at the company's option when the closing price of its common shares on the TSX Venture Exchange has exceeded 80 cents for 20 consecutive trading days at any time after six months from closing of the offering.

Following closing of these tranches of the offering, the company has 127,377,491 common shares issued and outstanding. A cash finders' fee of up to 5 per cent of the proceeds is being paid to certain finders in accordance with the TSX-V policies. The company expects to close a final tranche of the offering in early April.

One director of the company participated in the second tranche of the offering, purchasing 1.5 million units. This constitutes a related party transaction under TSX-V Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions. The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement, which are available where the fair market value of the transaction insofar as the transaction involved the interested party does not exceed 25 per cent of the company's market capitalization.

The securities issuable under the offering are subject to a hold period expiring four months and one day after the closing date.

Warrant extension

Highland is pleased to confirm that the TSX-V has consented to the extension of the expiry date of 41.25 million share purchase warrants originally issued in May, 2012, as part of a non-brokered private placement of the company's securities completed at that time. The new expiry date of the 2012 warrants is March 31, 2016. The exercise price of 75 cents remains unchanged.

Warrantholders are advised that replacement 2012 warrant certificates will not be issued and that the original 2012 warrant certificates should be retained as they must be presented to Highland in order to exercise the 2012 warrants.

We seek Safe Harbor.

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