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Highland Copper Provides Corporate Update
LONGUEUIL, Quebec, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company”) is pleased to announce an extension o
About this update from Highland Copper Co., Inc.
[{"type":"text","content":" LONGUEUIL, Quebec, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company”) is pleased to announce an extension of the maturity date for the repayment of outstanding indebtedness under its credit agreement dated May 20, 2019 as well as an extension of the deadline for the completion of its acquisition of the White Pine North Project. Extension of Maturity Date re Loan On May 20, 2019, the Company entered into a credit agreement with Greenstone Resources II LP, a significant shareholder of the Company, and Osisko Gold Royalties Ltd., for credit facilities of up to US$4,500,000 (the “Loan”). As at December 31, 2019, the Company had borrowed US$4,100,000 under the Loan. The Loan bears interest at a rate of 12 percent per annum. The lenders have agreed to extend the maturity date of the Loan from February 28, 2020 to May 31, 2020. This extension will enable the Company to continue the strategic review process which it commenced in July 2019 with the support of BMO Capital Markets, as financial advisor. Extension of Closing Date re Acquisition of White Pine North Project The Company and Copper Range Company (“CRC”), a wholly owned subsidiary of First Quantum Minerals Ltd., have also agreed to extend the deadline to complete the acquisition of the White Pine North Project to June 30, 2020. The final closing of the acquisition is subject to a number of conditions, including, without limitation, a release of CRC from certain environmental obligations associated with the remediation and closure plan of the historical White Pine mine site and replacing the related environmental bond. About Highland Highland Copper Company Inc. is a Canadian company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A. The Copperwood Project is a development stage copper project fully permitted to move into the construction stage, and a preliminary economic assessment and mineral resource estimate for the White Pine North Project was completed in September 2019. The Company’s common shares are listed on the TSX Venture Exchange under the symbol “HI” and trade on the OTCQB Venture Market under symbol “HDRSF”. More information about the Company is available on the Company’s website at www.highlandcopper.com and on SEDAR at www.sedar.com. Cautionary Note This press...