Hillsborough Resources Limited

Hillsborough Resources Limited

November 19, 2007 14:11 ET

Hillsborough Closes $3 Million Equity Private Placement With MinQuest Capital

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2007) - Further to its Press Release dated October 17, 2007, Hillsborough (TSX:HLB) is pleased to announce the successful closing of a $3 million non-brokered private placement considering of 6,000,000 common shares priced at 50 cents, and 3,000,000, 18 month warrants with an exercise price of 60 cents per warrant.

The second tranche of the financing, a $7 million secured, 3 year convertible debenture is still subject to ongoing due diligence.

About MinQuest

MinQuest Capital Inc. (MinQuest) is the General Partner and exclusive manager of MinQuest Fund L.P., a CAD $225 million fund sponsored by the Caisse de depot et placement du Quebec.

MinQuest's mandate is to seek investment opportunities in the global mining industry across the full spectrum of commodities.

About the Corporation

Hillsborough Resources Limited is a coal mining company that operates the Quinsam underground thermal coal mine in Campbell River, British Columbia, serving the local and west-coast U.S. cement industry. The Company is a limited partner in the Peace River Coal Limited Partnership, which has substantial metallurgical coal properties both in production start-up and under development near Tumbler Ridge, British Columbia. In addition, the Company is developing the proposed Wapiti thermal coal mine in the same region. Hillsborough also holds the Bingay Creek metallurgical coal property located in the Elk Valley region of southeast British Columbia.

Contact Information

  • Hillsborough Resources Limited
    David Slater
    President & C.E.O.
    (604) 684-9288
    (604) 684-3178 (FAX)
    Website: www.hillsboroughresources.com
    CHF Investor Relations
    Cathy Hume
    (416) 868-1079 ext.231
    (416) 868-6198 (FAX)
    Email: cathy@chfir.com