Financial News

Highland Copper Announces Closing of Silver Royalty Option and Update on White Pine Acquisition

Products You May Like

LONGUEUIL, Quebec, July 05, 2021 (GLOBE NEWSWIRE) — Highland Copper Firm Inc. (TSXV: HI, OTCQB: HDRSF) (the “Firm” or “Highland”) is happy to announce that it has entered into an settlement (the “2021 Osisko Settlement”) pursuant to which Osisko Gold Royalties Ltd (“Osisko”) has exercised a portion of its pre-existing choice to amass a royalty on future manufacturing of silver from the Copperwood and White Pine initiatives.

Below the Governance and Financing Settlement between Osisko and Highland, dated December 15, 2014, Highland had granted Osisko the choice to buy 100% of future silver manufacturing from Copperwood and White Pine for a complete consideration of US$26 million. Pursuant to the 2021 Osisko Settlement, which modified the phrases and circumstances of the train of the choice by Osisko, the Firm has obtained an preliminary cost of US$3 million (the “Preliminary Fee”) in consideration for which the Firm has granted Osisko a 3/26th (~11.5%) web smelter return royalty on future silver manufacturing from the Copperwood Undertaking. Upon completion of the acquisition of the White Pine Undertaking, Highland will grant to Osisko a 3/26th (~11.5%) web smelter return royalty on future silver manufacturing from the White Pine Undertaking. Osisko has the choice to amass the remaining 23/26th web smelter return royalty on all silver produced from the Copperwood and White Pine initiatives by paying a further US$23 million to Highland inside 60 days following the supply of a feasibility examine on the White Pine Undertaking.

Of the Preliminary Fee, US$1.68 million is being deposited for the advantage of the Michigan Division of Atmosphere, Nice Lakes, and Vitality (“EGLE”) as monetary assurance for the efficiency of environmental obligations related to the remediation and closure plan of the historic White Pine mine website. The steadiness of US$1.32 million might be utilized by Highland for basic company functions.

The ultimate closing of the acquisition of the White Pine Undertaking from Copper Vary Firm (“CRC”), an entirely owned subsidiary of First Quantum Minerals Ltd., is topic to sure circumstances, together with the posting of the above-mentioned monetary assurance with EGLE. All circumstances have been met and the Firm has notified CRC that it is able to shut the transaction. The Firm is working diligently with CRC and EGLE to finish the documentation required for the ultimate closing. Closing is predicted to happen as quickly as potential in July.

The Firm can be persevering with discussions with varied events to conclude transactions that will settle the steadiness of its working capital deficiency.

Cautionary Assertion

Sure statements contained on this information launch represent ahead wanting data underneath the provisions of Canadian securities legal guidelines, together with statements about plans to finish the acquisition of the White Pine Undertaking and plans to finish a number of transactions to settle its working capital deficiency. There may be no assurance that the acquisition of White Pine and different transactions to settle its working capital deficiency might be accomplished quickly or in any respect. The data contained herein displays Highland’s views as of the date of this information launch. Ahead wanting data relies on assumptions, and by its nature is topic to dangers and uncertainties that will trigger precise future occasions to vary materially from these anticipated in it. Contemplating the Firm’s monetary situation and the state of the capital markets for an organization corresponding to Highland, there is no such thing as a assurance that further funds might be obtainable or obtainable on phrases acceptable to the Firm to settle its capital working deficiency. The Firm doesn’t intend, and doesn’t assume any obligation, to replace forward-looking data, besides as required by legislation. Accordingly, readers are suggested to not place undue reliance on forward-looking data

About Highland

Highland Copper Firm Inc. is a Canadian firm centered on exploring and creating copper initiatives within the Higher Peninsula of Michigan, U.S.A. Details about the Firm is obtainable on SEDAR at www.sedar.com and on the Firm’s web site at www.highlandcopper.com.

Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

For additional data, please contact:                
Denis Miville-Deschênes, President & CEO
Tel: +1.450.677.2455
E-mail: info@highlandcopper.com

Primary Logo

Products You May Like