Highland Signs Binding Offer From Kinterra To Sell Interest In White Pine
Join Highland Copper CEO Barry O'Shea for commentary on Kinterra's binding offer to acquire a 34% interest in the White Pine North project for US$30 million. Q&A to follow.
Mr. O’Shea has over 20 years of finance experience across diverse industries and countries. Mr. O’Shea was CFO of Fiore Gold Ltd. from May 2018 until its recent acquisition by Calibre Mining Corp. Prior to that, he spent eight years with New Gold Inc., initially as Vice President of Finance where he oversaw financial reporting, financial planning, internal audit, and tax and then as Vice President, Business Development, responsible for corporate development, investor relations, and strategic capital allocation. Mr. O'Shea is a Chartered Professional Accountant and has an Honours Business Administration degree from the Ivey Business School.
Replay transcript excerpt
Speaker 1: Good afternoon or good evening, depending on where in the world you're tuning in from today. For the Americans in the room, particularly, happy early Thanksgiving. Thanks for joining us close to the holidays. Really, really appreciate it. I'm joined today by Barry O'Shea, CEO of Highland Copper, following their big news from this morning. So I'm going to start right off by saying, obviously, congratulations on the successful divestment of Highland Steak and White Pine North. I'd love if you could give the investors in the room and me just a sense of the structure of that transaction. Speaker 2: Well, yeah, I guess what I'd say as a starting point is, you know, it's a pretty simple deal and with a pretty simple rationale. Speaker 2: You know, nicely, you'll see through the news release that we're going to be forgiven the $12 million debt. That's a very important piece. We obviously want to clean up our capital structure. Speaker 2: There's cash consideration of just over $18 million, a really significant amount. Speaker 2: And maybe just as a headline number, that gives total consideration of $30 million Speaker 2: for 34% Speaker 2: of the project. And just bear in mind, 2 and a half years ago, Speaker 2: we sold 2 thirds of the project for that same 30 million. So a really nice movement in value acknowledging of course there's been some investment Speaker 2: in the interim, but really a nice headline number, really fantastic from a cash standpoint Speaker 2: and a transaction that we're very happy with. Awesome. And I know you characterized Speaker 1: in the PR as a pivotal moment for Highland Copper. What kind of specific factors converged Speaker 1: to make now really the optimal time to make an exit from White Pine? Speaker 2: Sure. You know, if you lo...
