As of yesterday’s close, Harris Exploration Inc (OTCPINK:HXPN) jumped 120.85% to $0.0784. During the day, 852.27K shares of HXPN stock were traded, while its average weekly volume stands at 142.43K. HXPN stock surged after the company announced it would raise $500 million through debt capital.
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HXPN will raise funds in what way?
Harris Exploration focuses on the acquisition and development of emerging technologies that are impacting our daily lives. HXPN is a holding company for investments and merchant banks. HCPN’s subsidiaries specialize in the mining and extraction of gold deposits. Based in Nevada, HXPN has offices worldwide. Also, HXPN is in the business of acquiring minerals needed for the sustainable development of everyday life.
Harris In its announcement yesterday, Harris Exploration announced that it has received a letter of commitment from OPUS AMDG, Inc. (OPUS) committing to raise $500 million in debt capital through an OPUS Global Note.
- HXPN intends to invest in a number of equity investments with the funds.
- HXPN expects to execute the OPUS Service Agreement within the next ten business days once OPUS’s commitment is accepted.
- As of now, the parties anticipate that the capital raise will be completed and fully funded by December 31, 2021, following OPUS’ due diligence on HXPN and its investments.
- By signing the LOI, HXPN will have cleared an important hurdle toward securing capital assistance.
- Their investment plans are aligned with the values associated with HXPN, which is why they understand what they are doing.
- As well as providing assistance with finding bridge funding that will enable the start of HXPN projects immediately, OPUS has established the right partnerships to make the process as seamless as possible.
- In the coming months, OPUS will actively work with HXPN management to close this first funding round.
- By contributing to the capital rise not only for HXPN, but also for OPUS, the HXPN team has helped to make this capital rise worthwhile.
The HXPN also reported:
An agreement between HXPN and H20EMC2 (H20) regarding the development of an atmospheric water generator has been terminated. Harris Exploration (HXPN) was planning to acquire and fund the production of this technological product line. According to a message from H20 CEO Brian Rybloom to HXPN CEO Steve Bailey, H20 has become uneasy with the current structure of selling 100% to HXPN. In exchange for the same investment amount, H20 was willing to sell 25% of its stake to HXPN. The board of directors of HXPN decided not to re-trade the contract and, more importantly, to cut ties with H20 as a warning that problems may arise when collaborating with H20 advisers.
