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Enter Symbol
or Name
USA
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Redhill Resources Corp (2)
Symbol RHR
Shares Issued 18,307,395
Close 2014-04-03 C$ 0.34
Market Cap C$ 6,224,514
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Redhill buys High North debentures, drops Yellow Chris

2014-04-04 13:56 ET - News Release

Also News Release (C-HN) High North Resources Ltd

Mr. Andrew Bowering of Redhill reports

REDHILL PARTICIPATES IN HIGH NORTH DEBENTURE PRIVATE PLACEMENT

Redhill Resources Corp. has purchased 850 12-per-cent convertible subordinated debentures at a subscription price of $1,000 per debenture, for a total cost of $850,000, in a private placement recently completed by High North Resources Ltd. The debentures bear interest at a rate of 12 per cent per annum calculated annually, not in advance, and payable semi-annually on Oct. 3, 2014, and April 4, 2015. Each debenture can be convertible at the holder's option into common shares of High North for a period of one year at 85 cents per common share.

In addition, Redhill holds six million common shares of High North and 1.5 million share purchase warrants of High North, representing approximately 12 per cent of High North's issued and outstanding common shares on a fully diluted basis.

Redhill is continuing exploration of its British Columbia mineral properties and plans to mobilize crews to its SAT property in early May. Located in north-central British Columbia, approximately 50 kilometres northeast of Smithers, the SAT property comprises 10 road-accessible claims covering approximately 4,260 hectares. It is located within prospective Stikine terrane with known copper-porphyry deposits including the historical Granisle and Bell mines, as well as the Big Onion and Morisson deposits.

Due to lack of early exploration success on the Yellow Chris South property, optioned in 2013 from Teuton Resources Corp., Redhill has dropped the option and will retain no interest in the property.

Jasvir Kaloti, chief financial officer and corporate secretary, has resigned from both positions. Management of Redhill thanks Ms. Kaloti for her many years of service and wishes her well in her future endeavours. Graham Harris, chairman of the board of Redhill, was appointed as the interim chief financial officer, and Marla Collier was appointed as corporate secretary.

We seek Safe Harbor.

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