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New High Ridge Announces Final Approval for Private Placement
Jan. 28, 2011 (Newsfile Corp.) -- Vancouver, British Columbia--(January 28, 2011) - New High...
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[{"type":"text","content":"\nNew High Ridge Announces Final Approval for Private Placement\n\n\n Jan. 28, 2011 (Newsfile Corp.) -- Vancouver, British Columbia--(January 28, 2011) - New High Ridge Resources Inc. (\"New High Ridge\" or the \"Company\")(TSXV:NHR) is pleased to announce that final approval has been received from the TSX-Venture Exchange for the previously announced private placement (see news releases dated January 4, 2011 and January 18, 2011) in the Company at a price of $0.13 per Unit. The private placement consisted of 5,000,000 Units for gross proceeds of $650,000. A Unit consists of one common share and one non-transferable common share purchase warrant valid for two years that will entitle the holder to purchase one additional common share at a price of $0.20 within the first year and $0.30 in the second year. The warrants will expire on January 28, 2013. All Shares and Warrants issued pursuant to the Offering are subject to a hold period ending on May 29, 2011. The Company paid a total of $16,640 and issued 128,000 warrants to Haywood Securities Inc. and $2,600 and 20,000 warrants to Leede Financial Markets Inc. as finder's fees for the private placement. The terms for these warrants are the same as those of the financing.Stock Options: The Company also announces the granting of a total of 440,000 incentive stock options to directors, officers, and consultants of the company that are exercisable at $0.30 per share for a period of 5 years, subject to the Company's stock option plan. About New High Ridge Resources Inc. New High Ridge Resources is a British Columbia focused exploration company with two wholly owned advanced exploration projects: the Newton Mountain property (Au-Cu porphyry) 35 km north of Taseko Mine's Prosperity (formerly Fish Lake) Au-Cu project ; and the Chuchi property (Cu-Au porphyry) 30 km NW of Terrane's Mt. Milligan project. The wholly owned Newton Mountain property is currently optioned to Amarc Resources Ltd. (OTCBB:AXREF) (TSXV:AHR) Amarc is aggressively drilling our Newton Mountain property with two drills as part of their fully funded 28 hole drill program designed to follow up on the major discovery made in 2009 that included: 189 meters grading 1.56 g/t gold, including 99 metres grading 2.76 g/t gold in hole 9004; and 138 metres grading 0.74 g/t gold, including 63 metres grading 1.17 g/t gold in hole 9014 ...