High North Resources closes $4,000,150 Financing (V.HN)
High North Resources Ltd.
TSX VENTURE : HN
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September 10, 2014 08:44 ET
High North Resources Announces Closing of $4,000,150 Financing
CALGARY, ALBERTA--(Marketwired - Sept. 10, 2014) -
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High North Resources Ltd. (TSX VENTURE:HN) (the "Company" or "High North") is pleased to announce that it has today successfully closed the previously announced private placement of 7,273,000 common shares issued on a "flow-through" basis under the Income Tax Act (Canada) (the "Flow-Through Common Shares") at a price of $0.55 per Flow-Through Common Share, for aggregate gross proceeds of $4,000,150 (the "Offering").
The Flow-Through Common Shares are subject to a hold period which expires four months and one day from the date of closing.
GMP Securities L.P., National Bank Financial Inc., and Integral Wealth Securities Limited, as co-lead agents, and Beacon Securities Limited acted as agents in connection with the private placement and received a commission equal to 6.0% of the gross proceeds of the Offering, excluding gross proceeds from Flow-Through Common Shares subscribed for by President's List subscribers.
High North intends to use the proceeds from the Offering to incur expenses that qualify as "Canadian Exploration Expense" (as defined in the Income Tax Act (Canada)), which will be renounced in favour of purchasers for the 2014 calendar year.
Completion of the Offering is subject to the receipt of final acceptance of the TSX Venture Exchange.
High North is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. High North trades on the TSX Venture Exchange under the symbol HN.
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