(via TheNewswire)
The Offering is comprised of 30,000,000 post-consolidated units of the Company at
The Company plans to use the net proceeds for permitting and subsequent drilling at the La Estrella project, ongoing assessment of acquisition opportunities and for general corporate purposes.
In accordance with the policies of the Canadian Securities Exchange (the “CSE”), current shareholders of the Company who hold more than 50% of the issued and outstanding common shares have consented, in writing, to
The Consolidation and Offering are expected to be completedon or before
The Company's common shares will commence trading on a post-consolidated basis on a date to be announced in a subsequent news release and determined in consultation with the CSE. The Company's name and trading symbols will remain unchanged.
On completion of the Consolidation and Offering, the Company will have 60,460,434 common shares issued and outstanding. The number of post-consolidated common shares to be received by shareholders will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5. A letter of transmittal with respect to the Consolidation will be mailed to registered holders of common shares with instructions on how to exchange existing share certificate(s) for new share certificate(s). The letter of transmittal will also be available on the Company's profile on SEDAR+.
The Offering is subject to CSE approval and the securities issued pursuant to the Offering will be subject to a statutory hold period of four months from the date of issuance.
The proposed investment by Augusta Investments constitutes a “related party transaction” as defined under Multilateral Instrument 61-101Protection of Minority Security Holders inSpecial Transactions(“MI 61-101”). The Company is relying on the exemptions from the formal valuation requirements contained in section 5.5(b) of MI 61-101 and the minority shareholder approval requirements contained in section 5.7(1)(b) of MI 61-101, as the Company is not listed on specified markets and the fair market value of the securities to be distributed to related parties does not exceed
About
Neither the CSE nor the
For further information, please contact:
Chief Executive Officer
(604) 283 7630
info@highlandersilver.com
Forward-Looking Information
Certain information contained in this news release constitutes “forward-looking information” under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the completion of a share consolidation, the Offering, the terms of the investments under the Offering, and the use of proceeds. Such forward looking information or statements can be identified by the use of words such as “anticipates”, “plans”, “suggests”, “targets” or “prospects” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “will” be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, politicaland social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.
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