High North Resources closes convertible debenture financing

On April 4, 2014, High North Resources Ltd. (High North) announced that it successfully closed its previously announced private placement of 8,670 convertible unsecured subordinated debentures at a price of C$1,000 per debenture, for aggregate gross proceeds of C$8,670,000.

The debentures, placed by GMP Securities L.P. as the sole agent in connection with the private placement, bear interest at a rate of 12.00% per annum calculated annually, and not in advance and payable semi-annually on October 3, 2014 and April 4, 2015. Each debenture is convertible at the holder's option into common shares of High North, at any time after the issuance of the debentures and prior to 4:30 p.m. EST on April 4, 2015, at the conversion price of C$0.85 per common share.

The net proceeds from the offering will be used for ongoing operations, land acquisitions and for general corporate purposes. .

High North is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada.

Further information can be found on The Wall Street Journal's website.