Canada : Yellowhead Completes Rights Offering & Defers Harper Creek Project.
Yellowhead Mining Inc. announces the completion of its rights offering, which was previously announced on August 21, 2015 and expired on September 29, 2015, together with the deferral of expenditures on the Harper Creek Project.
The Company issued a total of 24,751,431 common shares under the rights offering at a price of $0.045 per share for gross proceeds of $1,113,814. A total of 14,035,706 common shares were issued under the basic subscription privilege and a total of 10,715,725 common shares were issued under the additional subscription privilege, resulting in the total number of issued and outstanding common shares of the Company currently being 123,757,157 common shares.
The net proceeds of the rights offering will be used for general corporate and working capital purposes and to repay the bridge loan from Matco Capital Ltd. ("Matco"). The net proceeds are not sufficient for the Company to complete the environmental assessment (the "assessment") for the Harper Creek Project.
The Board of Directors has concluded that, in light of current conditions in the commodity markets and the international capital markets, it is in the best interest of all shareholders to defer any additional expenditures on the Harper Creek Project until such time as more favorable commodity and capital markets present themselves.
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