Highland Increases Private
Highland Resources Inc. (the "Company") announces
that further to its news release of April 20, 2012, it is increasing its
non-brokered private placement to 250,000,000 units at $0.08 per unit for gross
proceeds of $20,000,000. This is an increase over the previously announced
private placement of 206,250,000 units totalling
$16,500,000. Each unit is comprised of one common share of the Company and one
transferable common share purchase warrant, each warrant exercisable for a
period of two years from the date of issue to purchase one common share of the
Company at a price of $0.15 per share.
The warrants are subject to an acceleration clause at the option of the
Company, with a provision that if after the expiry of all resale restrictions,
the closing price of the Company's shares on the TSX Venture Exchange is $0.40
or greater for a period of 20 consecutive trading days, the Company may give
notice of an earlier expiry of the Warrants, in which case they will expire 30
days after the giving of such notice.
In addition to working capital, the net proceeds of the private placement will
be used to meet the Company's commitments for acquiring a 65% interest in
copper properties located in the Keweenaw and Houghton counties of Michigan.
(See news release dated November 1, 2011.)
The private placement is subject to TSX Venture Exchange (the
"Exchange") acceptance and required regulatory approvals. All of the
securities issued pursuant to this offering will have a hold period expiring
four months after the closing date.
A finder's fee will apply in this transaction in accordance with the policies
of the Exchange.
ON BEHALF OF THE BOARD
Signed "Robert Eadie"
President, Chief Executive Officer and Director