LONGUEUIL, QUEBEC--(Marketwired - Dec. 1, 2016) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
Highland Copper Company Inc. (TSX VENTURE:HI) (the "Company") is pleased to announce that it has completed yesterday a first tranche of its previously announced non brokered private placement of units of its securities at a price of $0.10 per unit (the "Offering") (see news release of November 15, 2016) for gross proceeds of $3,028,000. A total of 30,280,000 units comprising 30,280,000 common shares and 15,140,000 share purchase warrants ("Warrants") were issued. Each Warrant entitles the holder to purchase one additional common share for a period of 12 months, at $0.15 per share. Finder's fees totalling $105,000 are being paid in cash to certain finders for this first tranche of the private placement. The Company expects to close a second tranche of the Offering on or about December 15, 2016.
The securities issuable under the Offering will be subject to a hold period expiring four months and one day after the closing date. The common shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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. Following closing of this first tranche of the Offering, the Company has 184,248,626 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.
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 that could cause actual results to differ, including, without limitation, the Company's ability in the current markets and its own circumstances to complete the second tranche and sell the full amount of the proposed Offering. 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.