- HighGold (HIGH) announced that it intends to raise gross proceeds of up to C$7 million in a non-brokered private placement
- HighGold will use the net proceeds for exploration and development initiatives at its Johnson Tract project, for working capital and general corporate purposes
- The company also updated on its progress with the proposed spin-out of the company’s Ontario and Yukon exploration properties into Onyx Gold Corp
- HighGold is a mineral exploration company focusing on high-grade gold projects located in North America
- Highgold Mining Inc. (HIGH) is down 4.17 per cent, trading at C$0.69 per share at 10:42 am ET
HighGold (HIGH) announced that it intends to raise gross proceeds of up to C$7 million in a non-brokered private placement.
The company plans to issue 10,606,060 common shares at $0.66 per common share.
HighGold will use the net proceeds for exploration and development initiatives at its Johnson Tract project, for working capital and general corporate purposes. The Johnson Tract Gold-Zinc-Copper Project is located in Southcentral Alaska, USA.
The company may pay finder’s fees on all or a portion of the offering. It expects to close the offering on or about April 5, 2023.
All securities issued will be subject to a statutory four month hold period.
Update on Onyx Gold Corp. Spin-Out
The company also updated on its progress with the proposed spin-out of the company’s Ontario and Yukon exploration properties into Onyx Gold Corp. It currently anticipates the meeting of HighGold’s shareholders to approve the plan of arrangement (PoA) at the end of May 2023.
Following the closing of the offering and shareholder meeting in May, the company will determine the effective date of Spin-Out. Also, if applicable, it will determine any record date and distribution date. As per the PoA, shareholders of HighGold will be eligible to receive one common share in the capital of Onyx for every four shares held in the capital of HighGold upon completion of the Spin-Out.
About HighGold
HighGold is a mineral exploration company focusing on high-grade gold projects located in North America. Its flagship asset is the high-grade Johnson Tract Gold-Zinc-Copper Project.
The company also controls one of the largest junior gold miner land positions in the Timmins, Ontario gold camp. This includes the Munro-Croesus Gold property and the large Golden Mile and Timmins South properties.
HighGold also has 100 per cent ownership of a group of properties in Yukon’s emerging new Selwyn Basin Reduced Intrusive Related Gold district.
Highgold Mining Inc. (HIGH) is down 4.17 per cent, trading at C$0.69 per share at 10:42 am ET.