Highland Copper Co. Inc. said March 27 that it completed the fourth and final tranche of its private placement for C$9.7 million, bringing the total raised to C$30 million.
The fourth tranche comprised 97,339,150 units at 10 cents apiece. Each unit consists of 1 share and 0.5 of a common share purchase warrant, with each whole warrant exercisable at 15 cents per share for a period of 12 months.
The company initially outlined plans in November 2016 for a placement of up to 230 million units to raise about US$17 million, which was increased March 9 to up to 265 million units and then further upsized to 315 million units March 15.
Following the offering, Greenstone Resources II LP holds 17.6% of Highland's outstanding shares on a basic shares outstanding basis, while Osisko Gold Royalties Ltd. holds 15.8%.
As a result, Greenstone has rights to maintain its stake in future financings, nomination rights for the sale of Highland's production and a right to nominate a representative to a project steering committee.
Highland Copper will use the proceeds for an updated feasibility study on its Copperwood copper project and to complete the acquisition of the White Pine copper-silver project, both in Michigan.