Greenstone Resources Updates Its Holdings
Greenstone Resources II L.P. has recently shared important news regarding its investment in Highland Copper Company Inc. In a notable development, Greenstone announced that it has divested all its holdings in Highland Copper, which originally accounted for nearly 16% of the company's outstanding shares.
Details of the Transaction
In a calculated move, Greenstone disposed of 117,335,620 common shares of Highland at an average price of $0.125 per share. This transaction, which took place through a block trade on an exchange in Canada, yielded gross proceeds of approximately $14.67 million. Before the transaction, Greenstone held a significant position, owning 15.93% of Highland's issued and outstanding shares without any dilutive options.
Impact on Shareholding
The completion of this transaction marked a complete exit from Greenstone's stake in Highland Copper. With this sale, Greenstone no longer retains any shares, which represents a notable decline from its previous holdings. This shift reflects Greenstone's strategic decision-making in managing its investment portfolio.
Reporting Requirements
This announcement aligns with the regulatory obligations set forth by National Instrument 62-103, which governs the disclosure of significant share transactions in Canada. Following this regulation, a formal report will be lodged under Highland's profile on SEDAR+, detailing this transaction and its implications further.
Future Investment Plans
Greenstone has indicated that its recent divestment does not signify a withdrawal from the market but a repositioning. The firm stated that, depending on future market dynamics, there's potential for re-engagement with Highland Copper through either purchasing more shares or other securities, should the circumstances present favorable opportunities.
Contact Information
For those interested in pursuing further information about the early warning report related to this transaction, Gary Mauger can be reached at +44 (0) 1481 749 700. This is an essential point of contact for stakeholders who may need additional context regarding Greenstone's recent corporate actions.
Company Addresses
For reference, here are the addresses of both companies involved in this transaction:
Greenstone Resources II L.P.
East Wing, Trafalgar Court,
Les Banques,
St Peter Port,
Guernsey,
GY1 3PP
Highland Copper Company Inc.
Royal Centre,
1055 West Georgia Street,
Suite 1500,
Vancouver,
British Columbia,
GY1 3PP
Frequently Asked Questions
What did Greenstone Resources announce?
Greenstone Resources announced its complete divestment of holdings in Highland Copper Company Inc., selling over 117 million shares.
What percentage of Highland Copper shares did Greenstone own before the sale?
Before the transaction, Greenstone owned about 15.93% of Highland Copper's outstanding shares.
How much money did Greenstone raise from this transaction?
The transaction generated approximately $14.67 million for Greenstone from the sale of Highland Copper shares.
What is the significance of this announcement?
This announcement reflects a strategic change in Greenstone's investment strategy and obligations to report significant transactions in compliance with regulatory standards.
Who can be contacted for more information regarding this report?
Gary Mauger is the designated contact for inquiries related to the early warning report and can be reached at +44 (0) 1481 749 700.
