Highland Copper has brought in some new money to advance its mining projects in the Western Upper Peninsula. Osisko Gold Royalties Ltd will loan Highland 10-million dollars Canadian. Osisko will swap that loan for a royalty on minerals produced at Highland’s proposed White Pine North mine in Ontonagon County once work begins there. Highland says that seven-million of the new money has been used to pay Orvana minerals the balance owed on Highland’s purchase of Orvana’s Copperwood project, also in Ontonagon County. Osisko will also get an option to purchase all the royalties on any silver produced from any of Highland’s Michigan projects. Osisko will get a seat on Highland’s board of directors immediately, and a second seat if it exercises the silver option.
Highland also announced yesterday that it would sell up to 25 million units of its securities on the private market. The sale will raise 10-million dollars Canadian to invest in Upper Peninsula projects. Highland is a Canadian company. The securities will not be registered with the U.S. Securities and Exchange Commission, and will not be offered for sale in the United States.
At its annual meeting last week, Highland announced the promotion of Carlos Bertoni to Executive Vice President for Project Development. Bertoni has been acting as Highland’s Michigan Project Manager. Ross Grunwald, who has also been active in the U.P. projects, has retired as Vice President of Exploration for Highland, but will continue to provide consulting services.