|By Marketwired .||
|May 1, 2014 04:45 PM EDT||
LONGUEUIL, QUEBEC -- (Marketwired) -- 05/01/14 -- Highland Copper Company Inc. (TSX VENTURE: HI) (the "Company") announces that it is applying to the TSX Venture Exchange (the "TSXV") for approval of an extension to the term of a total of 41,250,000 share purchase warrants (post 5 for 1 share consolidation) originally issued in three tranches in May 2012 for a two-year term expiring on May 16, May 28, and May 30, 2014 (the "Warrants") as part of a non-brokered private placement of the Company's securities. The Company is seeking to extend the expiry date of all Warrants to March 31, 2015. The exercise price of $0.75 will remain unchanged. The extension is subject to the acceptance of the TSXV.
Update on acquisitions and financing
On February 11, 2014, the Company announced having entered into a definitive agreement with Orvana Minerals Corp. to acquire all rights, title and interest in the Copperwood Project located in the Upper Peninsula of Michigan from Orvana. Among other things, closing is conditional upon the completion of a financing to fund the US$20 million acquisition cost and receipt of all required regulatory approvals including final acceptance of the TSX Venture Exchange. The Company expects to close the acquisition of the Copperwood project and the previously announced non-brokered private placement of its common shares (see news release of February 18 and March 17, 2014) by May 30, 2014. The Company plans to close forthwith a second tranche of the private placement for general corporate purposes.
As announced on March 5, 2014, the Company and Copper Range Company ("CRC") entered into a definitive asset purchase agreement to acquire the White Pine project. Pending receipt of a required third party approval, the Company and CRC have agreed to extend the date to complete the interim closing of the acquisition to May 9, 2014.
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. Highland is in the process of acquiring the White Pine and Copperwood projects both located in the Upper Peninsula. Highland has approximately $2.9 million in cash at March 31, 2014 and has 56,471,945 issued and outstanding common shares listed on the TSX Venture Exchange under the symbol 'HI'.
Certain statements contained in this press release constitute forward looking information under the provisions of Canadian securities laws. Such statements include without limitation: the completion of the acquisition of the White Pine and Copperwood projects, the completion of a financing to fund the acquisition of the Copperwood project, the receipt of regulatory approvals for the Copperwood acquisition and for the extension of the Warrants and other statements and information regarding anticipated results regarding the Company's operations and exploration. Such statements reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to, the Company's ability in the current markets to complete the financing required to fund the Copperwood acquisition, the ability of the Company to satisfy all conditions to the interim closing of the White Pine Project and the closing of the Copperwood acquisition, and the timing and conditions attached to TSXV acceptance of the transactions described in the news release. The materialization of any of these risks may cause actual results to be materially different from those expected by the Company at this time. The Company does not intend, and does not assume any obligation, to update forward-looking information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking information.
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.
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