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Highland Copper completes a C$25.3 Million Private Placement and the sale of non-core assets to Sweetwater Royalties
LONGUEUIL, Quebec, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company” or “Highland”) is pleased to announce
About this update from Highland Copper Co., Inc.
[{"type":"text","content":" LONGUEUIL, Quebec, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company” or “Highland”) is pleased to announce that, further to its news release dated August 3, 2021, it has completed the sale of its UPX properties located in the Upper Peninsula of the State of Michigan, U.S.A. to Sweetwater Royalties (“Sweetwater”), a privately held company owned by Orion Mine Finance (“Orion”), in exchange for cash consideration of US$3 million, the assumption by Sweetwater of the US$15 million principal amount owing under a promissory note, and other terms and conditions described below (the “Transaction”). The Company also announces that it has completed the first tranche of its previously announced non-brokered private placement (the “Offering”) resulting in gross proceeds of C$25,292,993. The first tranche of the Offering consisted of the issuance of 252,929,930 units (“Units”) at a price of C$0.10 per Unit. Orion, a 30% shareholder of the Company, subscribed for 62,310,000 Units under the first tranche of the Offering for an aggregate cash consideration of approximately C$6.23 million. Denis Miville-Deschênes, the Company’s CEO stated: “We are extremely pleased to have completed the Transaction and financing. It has been a long process, but we can now focus our efforts on plans to develop both the fully-permitted Copperwood Project and the White Pine North Project.” Sale of UPX Minerals Inc. The Company and its 100%-owned subsidiary Upper Peninsula Copper Holdings Inc. (“UPCH”) completed the sale of all of the issued and outstanding shares of UPX Minerals Inc. (“UPX Minerals”) to Sweetwater, for US$3 million in cash and the assumption by Sweetwater of amounts owing under the secured promissory note (the “Note”) in favor of RTX (as defined below). UPX Minerals holds a land package comprised of mineral rights and real properties in the Upper Peninsula, Michigan, originally acquired from Rio Tinto Nickel Company and Kennecott Exploration Company (collectively, “RTX”) in 2017. The Transaction results in Sweetwater controlling approximately 447,842 mineral acres in the Upper Michigan area near the Eagle Mine. In connection with the closing of the Transaction, the Company was released from its guarantee of approximately US$15 million owing under the Note. C$25.3 Million Private Placement of Unit...