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Highland Copper Company says they’ve agreed with Copper Range Company to further extend the period to complete the acquisition of the White Pine project to February 28th.
The final closing of the acquisition is subject to releasing Copper Range from certain environmental obligations associated with the remediation and closure plan of the historical White Pine mine site in a manner that is acceptable to all parties involved, including applicable governmental authorities, and replacing the related environmental bond posted by Copper Range.
Highland Copper is fully financed to complete the Copperwood Project feasibility study update, which is expected to be completed in the second quarter of 2018.
Here is the full press release from Highland Copper:
LONGUEUIL, QUEBEC–(Marketwired – Dec. 15, 2017) – Highland Copper Company Inc. (TSX VENTURE:HI) (the “Company”) is pleased to provide the following corporate update on various matters.
Further extension to complete the acquisition of the White Pine project
Copper Range Company (“CRC”) and the Company have agreed to further extend the period to complete the acquisition of the White Pine project to February 28, 2018. The final closing of the acquisition is subject to releasing CRC from certain environmental obligations associated with the remediation and closure plan of the historical White Pine mine site in a manner that is acceptable to all parties involved, including applicable governmental authorities, and replacing the related environmental bond posted by CRC.
Results of AGM
The Company also announces the results of its annual general meeting (“AGM”) of shareholders held on December 11, 2017. All matters submitted to the shareholders for approval as set out in the Company’s Notice of Meeting and Information Circular dated November 6, 2017, were approved by the requisite majority of votes cast at the AGM. A total of 269,668,265 common shares, representing 58.7% of the votes attached to all outstanding shares as at the record date for the meeting, were represented at the AGM.
Messrs. David Fennell, John Johnson, Luc Lessard, Allen Winters and Jo Mark Zurel were re-elected to the board of directors and Messrs. Denis Miville-Deschênes and Jean Desrosiers were elected to the board after being appointed to the board in 2017. Mr. Adrian Fleming did not stand for re-election. The management team and board members take this opportunity to sincerely thank Mr. Fleming for his invaluable contribution to the advancement of the Company over the last 5 years and wish him much success in his future projects.
The shareholders also re-appointed KPMG LLP as auditors for the financial year ending June 30, 2018, and re-approved the Company’s stock option plan.
Exercise of share purchase warrants
On November 30, 2017, a total of 8,391,250 warrants exercisable at a price of C$0.15, expiring on this date, were exercised for total proceeds of C$1,258,688. This amount represents 55.4% of the total share purchase warrants expiring on this date. Also, a total of 2,474,929 share purchase warrants with a maturity date of December 12, 2017 expired unexercised.
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. The Company is fully financed to complete the Copperwood Project feasibility study update, which is expected to be completed in the second quarter of 2018. The Company has 467,539,403 common shares issued and outstanding. More information about the Company is available on the Company’s website at www.highlandcopper.com and on SEDAR at www.sedar.com.
Cautionary Statement
This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties, including being unable to meet the final closing conditions of the acquisition of the White Pine Project on terms acceptable to the Company, CRC and the Michigan Department of Environmental Quality for the transfer of environmental obligations and the Company’s objectives to complete, within the schedule mentioned or at all, the Copperwood feasibility study. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company undertakes no obligation to update forward-looking statements except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
