Highland Copper Announces Further Extension of Loan Maturity Date
June 1, 2020 – Longueuil, Quebec. Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company”) announced today that the maturity date for the repayment of outstanding indebtedness under its credit agreement with Greenstone Resources II LP, a significant shareholder of the Company, and Osisko Gold Royalties Ltd., of US$4,500,000 (the “Loan”), was extended to June 30, 2020. The maturity date of the Loan was previously extended from February 28, 2020 to May 31, 2020.
The Company is continuing its strategic review process with the support of its financial advisor, BMO Capital Markets. Additional information about the Loan can be found in the Company’s press releases issued on May 21, 2019 and January 30, 2020, each of which are available on the Company’s website at www.highlandcopper.com and on SEDAR at www.sedar.com.
Highland Copper Company Inc. is a Canadian company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A. Information about the Company is available on the Company’s website at www.highlandcopper.com and on SEDAR at www.sedar.com.
This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. There can be no assurance that the Company will be able to secure the required funds to reimburse the loan or that the lenders will further extend the maturity date of the credit agreement. Risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those forward-looking statements include, among others, the effects of general economic conditions and the impact of the COVID-19 pandemic on potential transactions, the price of copper, and other risks and uncertainties, including those risks described in our most recently filed annual and interim financial statements and management’s discussion and analysis.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Denis Miville-Deschênes, President & CEO