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A Canadian mining company is in the process of putting together the money it needs to go ahead with its mining operations in the Upper Peninsula.
Highland Copper Company has a plan in the works for the private placement of shares with Osisko Gold Royalties.
Highland expects to use the proceeds of the private placement to complete the acquisition of White Pine, to advance the development of its projects in the U.P, and for general corporate purposes.
Highland Copper Company is a Canadian exploration company focused on exploring and developing copper projects in the U.P., including White Pine North, Copperwood and the Keweenaw projects.
Here is their full press release:
Highland Copper Company Inc. (TSX VENTURE:HI) (“Highland”) is pleased to announce that it plans to complete a non-brokered private placement of 25,948,681 common shares (the “Shares”) with Osisko Gold Royalties Ltd (TSX:OR) (“Osisko”) at a price of C$0.15 per share for gross proceeds of C$3,892,302.
Following completion of the private placement, Highland will have 155,490,873 Shares issued and outstanding and Osisko will own 30,942,681 Shares (representing approximately 19.9% of the Highland’s Shares on a non-diluted basis). The Shares to be issued to Osisko will be subject to a hold period expiring four months and one day after the closing date.
Highland expects to use the proceeds of the private placement to complete the acquisition of White Pine, to advance the development of its projects in the Upper Peninsula of Michigan, and for general corporate purposes.
The common shares issued under the private placement have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any public offering of securities to be made in the United States must be made by means of a prospectus containing detailed information about the Company and management, as well as financial statements.
ABOUT HIGHLAND
Highland Copper Company Inc. is a Canadian exploration company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A., including White Pine North, Copperwood and the Keweenaw projects. More information about Highland and the projects is available on Highland’s website at www.highlandcopper.com and on SEDAR at www.sedar.com.
