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Highland to Acquire the White Pine Copper Project in Michigan
Mar. 05, 2014 10:42AM PST
Base Metals Investing Highland Copper Company Inc. (TSXV:HI) has entered into a definitive asset purchase agreement pursuant to which Upper Peninsula Copper Holdings Inc., a wholly-owned subsidiary of Highland, will acquire all of the rights, title and interest of Copper Range Company, a subsidiary of First Quantum Minerals Ltd., in the White Pine copper project located in the Upper Peninsula region of Michigan, U.S.A.
Highland Copper Company Inc. (TSXV:HI) has entered into a definitive asset purchase agreement pursuant to which Upper Peninsula Copper Holdings Inc., a wholly-owned subsidiary of Highland, will acquire all of the rights, title and interest of Copper Range Company, a subsidiary of First Quantum Minerals Ltd., in the White Pine copper project located in the Upper Peninsula region of Michigan, U.S.A.
According to the company’s press release:
Under the APA, Highland agreed to issue to CRC 3,000,000 of its common shares (the “Shares”) at the interim closing anticipated to occur by March 14, 2014. Highland has also agreed to pay to CRC an amount equal to US$0.005 (one half of one cent) per pound for the first 1 billion pounds of proven and probable reserves of copper and US$0.0025 (one quarter of one cent) for each additional pound of proven and probable reserves of copper, payable in cash or in common shares of Highland, at the option of CRC. Highland will also grant to CRC a right to maintain its pro rata ownership interest by participating in further issuances of common shares by Highland. The Interim closing is subject to the completion of certain customary conditions, including regulatory approvals and third party consents.