LONGUEUIL, Quebec, April 13, 2021 (GLOBE NEWSWIRE) — Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company”) announced today that the deadline to complete the acquisition of the White Pine North Project from Copper Range Company (“CRC”), a wholly owned subsidiary of First Quantum Minerals Ltd., was extended to June 30, 2021. The final closing of the acquisition is subject to certain conditions, including, without limitation, a release of CRC from certain environmental obligations associated with the remediation and closure plan of the historical White Pine mine site and the posting of a US$1.7 million environmental bond with the State of Michigan.
The Company is pursuing various options to secure the funds needed for the environmental bond, to settle all of its liabilities and to meet its existing commitments. These efforts include discussions with its major shareholders, lenders, and royalty holders. As previously announced, the Company and Osisko Gold Royalties Ltd have agreed on the terms and conditions pursuant to which Osisko intends to exercise its silver royalty option that was originally granted by the Company to Osisko in December 2014. Subject to certain conditions, Osisko would pay to the Company an initial tranche of US$3 million on closing.
Certain statements contained in this news release constitute forward looking information under the provisions of Canadian securities laws, including statements about the Company’s plans to complete the acquisition of the White Pine North property, plans to complete the proposed transaction with Osisko and the exercise of the silver royalty option, as well as plans to complete one or more transactions to settle the Company’s working capital deficiency and to fund the Company. Considering the Company’s financial condition and the state of the capital markets for a company such as Highland, there is no assurance that the Company will be able to meet to complete the transactions described herein. The information contained herein reflects Highland’s views as of the date of this news release. Forward looking information is based on assumptions, and by its nature is subject to risks and uncertainties that may cause actual future events to differ materially from those anticipated in it. 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.
Highland Copper Company Inc. is a Canadian company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A. Information about the Company is available on SEDAR at www.sedar.com and on the Company’s website at www.highlandcopper.com.
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.
For further information, please contact:
Denis Miville-Deschênes, President & CEO