Redhill Resources Corp., (TSX VENTURE:RHR) wishes to announce that it has entered into a subscription agreement to purchase a total of 3,000,000 units of a private placement being conducted by High North Resources Ltd. at a price of $0.35 per unit for a total of $1,050,000. Each Unit is comprised of one common share of High North and one-half of one share purchase warrant exercisable for two years from closing at an exercise price of $0.50 per whole warrant.
The Company currently holds 3,000,000 common shares of High North Resources Ltd., which were acquired when the Company sold its 30% interest in Valleyview Exploration Inc. an arm’s length party, to High North Resources Ltd. For more information on High North’s acquisition of Valleyview, please refer to High North’s news release dated April 23, 2014.
The Investment, together with the 3,000,000 common shares of High North currently held by Redhill will result in the Company holding approximately 13% of High North’s issued and outstanding common shares.
The Investment is subject to the approval of the TSX-Venture Exchange. The Company, as a Tier I issuer, is permitted under Exchange policies to make investments in other issuers. The Company notes that two of its directors, Brian Morrison and Graham Harris, are also directors of High North. As a result, they have abstained from voting on the Board of Directors’ approval of the Investment.
The Company intends to continue to focus on its Aspen Property and its Yellow Chris Property in Northern British Columbia, on which it has spent approximately $2,000,000 in exploration expenditures in the last 12 months. The Company will also continue to actively seek other resources properties and consider acquisitions of them.
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We acknowledge the [financial] support of the Government of Canada.