ENP Newswire -
Release date- 18062014 -
The Company also announces the closing of the previously announced acquisition of the
The Company closed the acquisition of Copperwood through the acquisition from Orvana of all of the outstanding shares of
Highland may have to repay the Note, partially or completely, before maturity with the raising of additional capital. The Note is secured by, among other things, a first priority security interest over all of the assets of
Copperwood is a feasibility stage project. On
The net proceeds of the Private Placement will be used to pay
After closing the Private Placement, the Company's issued and outstanding share capital totals 96,966,745 common shares. Certain directors and officers of the Company participated in this final tranche of the Private Placement, purchasing 2,085,800 common shares.
These constitute related party transactions pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company relied on sections 5.5(a) and 5.7(1)(a) of MI 61-101 for exemptions from the formal valuation and minority shareholder approval requirements on the basis that the fair market value of the transaction insofar as the transaction involved interested parties did not exceed 25% of the Company's market capitalization.
Certain statements contained in this press release constitute forward looking information under the provisions of Canadian securities laws. Such statements include without limitation the use of the proceeds from the Private Placement. 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.
Actual results may be materially different from those currently anticipated. Many factors, known and unknown could cause the actual results to be materially different from those expressed or implied by the forward looking statements.
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