$16.5 Million Private Placement Arranged
Highland Resources Inc. (the "Company") announces
it has arranged a non-brokered private placement for gross proceeds of up to
$16,500,000. The private placement will consist of up to 206,250,000 Units at a
price of $0.08 per unit. Each unit is comprised of one common share of Highland
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 Highland at a price of $0.15 per share.
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
(the "Property"). (See press 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