VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 4, 2014) - Redhill Resources Corp., (TSX VENTURE:RHR), ("Redhill" or the "Company") announces it has purchased 850 12% convertible subordinated debentures at a subscription price of $1,000 per debenture (the "Debentures"), for a total cost of $850,000 (the "Investment"), in a private placement recently completed by High North Resources Ltd. ("High North"). The Debentures bear interest at a rate of 12.00% per annum calculated annually, not in advance and payable semi-annually on October 3, 2014 and April 4, 2015. Each Debenture can be convertible at the holder's option into common shares of High North for a period of one year at $0.85 per Common Share.
In addition, Redhill holds 6,000,000 common shares of High North and 1,500,000 share purchase warrants of High North, representing approximately 12% of High North's issued and outstanding common shares on a fully diluted basis.
Redhill is continuing exploration of its British Columbia mineral properties and plans to mobilize crews to its SAT property in early May. Located in north-central B.C., approximately 50 kilometres northeast of Smithers, the SAT property comprises 10 road-accessible claims covering approximately 4,260 hectares. It is located within prospective Stikine terrane with known copper porphyry deposits including the historical Granisle and Bell mines as well as the Big Onion and Morisson deposits.
Due to lack of early exploration success on the Yellow Chris South property, optioned in 2013 from Teuton Resources Corp., Redhill has dropped the option and will retain no interest in the property.
Jasvir Kaloti, Chief Financial Officer and Corporate Secretary, has resigned from both positions. Management of Redhill thanks Jasvir for her many years of service and wishes her well in her future endeavours. Graham Harris, chairman of the board of Redhill, was appointed as the Interim Chief Financial Officer and Marla Collier was appointed as Corporate Secretary.
REDHILL RESOURCES CORP.
Andrew Bowering, President & CEO
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