LONGUEIL, Quebec — Canadian exploration company Highland Copper Company announced Tuesday it had completed the interim closing of all the rights, title and interest of Copper Range Company, regarding the White Pine copper project.
It was announced in November Highland was acquiring the former White Pine Mine, which is located in Ontonagon County.
At the interim closing Tuesday, CRC received 3 million of Highland’s common shares for White Pine. In addition, Highland will also pay in cash or in common shares, one half of one cent per pound for the first 1 billion pounds of “proven and probable reserves of copper” and one quarter of one cent for each additional pound.
The final closing on the acquisition is set for Dec. 31, 2015. It will be completed once Highland has compensated CRC for a $2.85 million financial assurance bond, associated with the remediation and closure plan of White in a manner that is ,“acceptable to all parties involved), including the applicable governmental authorities.
The closing will also release CRC from its environmental obligations with the Michigan Department of Environmental Quality. Once the obligations are released, Highland will resume responsibility of environmental liabilities and on-going environmental obligations.
Until the final closing, Highland has access to White Pine to perform exploration, engineering and environmental studies and other activities associated with the development of a new copper mine. CRC will continue to be responsible for environmental obligations and for remediation work up to $2 million until the final closing is completed.
In February, Highland also announced it had entered a definitive agreement to acquire all rights, title and interest in the Copperwood Project from Orvana Resources. Copperwood is a proposed copper mine in Ironwood and Wakefield townships in Gogebic County.
The company also owns two projects in Keweenaw County.
For more information, visit highlandcopper.com.