This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
NEW YORK, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Electrum Strategic Opportunities Fund II L.P. (“Electrum”) announces that it has made a series of ordinary course sales of common shares (“Common Shares”) in the capital of HighGold Mining Inc. (“HighGold”) in the aggregate amount of 944,800 Common Shares (collectively, the “Transactions”). Such sales of Common Shares were completed through the facilities of the TSX Venture Exchange for aggregate proceeds of CAD$1,253,268.28, or approximately CAD$1.3265 per Common Share.
As a result of the completion of the Transactions, Electrum owns 1,996,376 Common Shares and 2,941,176 common share purchase warrants of HighGold (the “Warrants”), representing approximately 4.99% of the issued and outstanding Common Shares or 11.49% upon the exercise of the Warrants (assuming that all of the Warrants owned by Electrum immediately following the completion of the Transactions are exercised and that no other securities, including those convertible into, or exercisable for, Common Shares, are issued, converted or exercised). The Warrants entitle Electrum to acquire 2,153,220 Common Shares at an exercise price of $2.15 per share until May 29, 2023 and an additional 787,956 Common Shares at the same exercise price until July 19, 2023. In addition, Electrum Global Holdings L.P., a “joint actor” (as such term is defined in National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues) of Electrum, owns 83,333 Common Shares representing approximately 0.002% of the issued and outstanding Common Shares.
Prior to the completion of the Transactions, Electrum owned 2,941,176 Common Shares and 2,941,176 Warrants representing approximately 7.35% of the issued and outstanding Common Shares or 13.69% upon the exercise of the Warrants (assuming that all of the Warrants owned by Electrum immediately following the completion of the Transactions are exercised and that no other securities, including those convertible into, or exercisable for, Common Shares, are issued, converted or exercised) and Electrum Global Holdings L.P. owned 83,333 Common Shares representing approximately 0.002% of the issued and outstanding Common Shares.
The Common Shares and Warrants referred to above were held for investment purposes and Electrum, and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of HighGold whether in the open market, by privately negotiated agreement or otherwise.
HighGold is located at 320-800 West Pender Street, Vancouver, British Columbia V6C 2V6. Electrum is located at 535 Madison Avenue, 12th Floor, New York, NY 10022, USA. A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of HighGold at www.sedar.com.