HighGold Mining receives C$1.9M from the exercise of warrants held by strategic investors

HighGold Mining Inc (CVE:HIGH) (OTCQX:HGGOF) announced that it has recently received C$1.9 million from the exercise of 2,709,027 warrants held by key strategic shareholders, including a senior gold producer. 

The Vancouver, British Columbia-based mineral exploration company said the exercised warrants priced at $0.70 were originally issued as part of HighGold’s go-public financing. 

“Of the 8,500,000 two-year warrants that were issued, approximately 2,800,000 remain unexercised,” said the company.  It encouraged the holders of the remaining warrants to exercise them before the September 19, 2021 expiry. 

READ: HighGold Mining plans at least 16,000 metres of drilling in Alaska this year as it approves C$10M exploration budget

“With the proceeds from the warrant exercise, HighGold’s working capital now stands at approximately C$18 million, providing the company with excellent financial footing and flexibility as we launch our 2021 Johnson Tract drill program,” said HighGold Mining CEO Darwin Green.

“We are grateful for the ongoing support of key strategic shareholders and very much look forward to an exciting year ahead.”

The company also announced the issuance of 1,682,500 stock options with an exercise price of C$1.43 per share for the purchase of up to 1,682,500 shares of the company. HighGold said that 40,000 of the stock options have a two-year term and the remaining 1,642,500 options have a five-year term. All the stock options are subject to vesting conditions over a two-year period, noted the company. The stock options are being issued to directors, officers, employees, and consultants.

HighGold’s flagship asset is the high-grade Johnson Tract Gold project located in accessible south-central Alaska. The company also controls one of the largest junior gold miner land positions in the Timmins, Ontario gold camp that includes the Munro-Croesus Gold property, which is known for its high-grade mineralization, and the large Golden Mile and Golden Perimeter properties.

Contact the author Uttara Choudhury at [email protected]

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Story by ProactiveInvestors