04:49:49 EDT Sun 09 Aug 2020
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Highgold Mining Inc
Symbol HIGH
Shares Issued 40,789,661
Close 2020-07-10 C$ 1.81
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Highgold shareholder to exercise participation right

2020-07-13 07:55 ET - News Release

Mr. Darwin Green reports


In connection with the company's recently announced $12-million bought deal private placement (see two releases dated July 6, 2020), an existing strategic shareholder of Highgold Mining Inc. has elected to exercise its participation right under an investor rights agreement with the company dated Sept. 19, 2019. The strategic shareholder is a senior North American gold mining company.

Pursuant to the participation right exercise, the shareholder has indicated their intent to purchase, on a non-brokered private placement basis, from Highgold, that number of common shares that results in the shareholder maintaining its pro rata ownership interest in the company at the same price per share as the offering. Up to a total of approximately 422,925 participation shares will be issued for proceeds of approximately $731,661 to the company. Proceeds raised will be additional to proceeds raised under the $12-million bought deal.

The company intends to use the net proceeds from the participation right exercise for mineral exploration and general corporate purposes.

The participation shares are expected to be issued in conjunction with the closing of the offering and the issuance of the participation shares is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and any applicable securities regulatory authorities. The participation shares will be subject to a four-month-and-one-day hold period.

About Highgold Mining Inc.

Highgold is a mineral exploration company focused on high-grade gold projects located in North America.

We seek Safe Harbor.

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