The Multilateral Investment Guarantee Agency, a member of the World Bank Group, approves political risk insurance policy for the development phase of HPX’s Nimba high-grade iron ore project in the Republic of Guinea

London, UK – (Newsfile Corp. – March 8, 2021) – Robert Friedland, Founder, President and CEO of High Power Exploration Inc. (“HPX” or the “Company”), and Eric Finlayson, President of HPX, today announced that the Company has completed the second and final tranche of a US $ 200 million equity financing of convertible preferred shares. Underwriters included several new institutional investors from the United States and Canada.

The funds received will, among other things, allow HPX to accelerate the development of the Nimba iron ore project with an initial production target of 15 million tonnes per year, increasing to 30 million tonnes per year, of high-grade iron. content for direct shipment. ore.

In addition to Nimba, HPX also has a portfolio of potential high-potential mining projects and highly disruptive metal-based technologies – including copper-gold porphyry projects in the western US and redox flow batteries. world-class vanadium for grid-scale renewable energy storage.

Multilateral Investment Guarantee Agency (MIGA)

HPX also announces that MIGA, a member of the World Bank Group, has approved political risk insurance (PRI) for the development phase of the Nimba iron ore project in the Republic of Guinea. PRI policies are expected to be officially signed in the coming days.

The policies will cover political risks that arise in the Republic of Guinea or the Republic of Liberia against 90% of the equity and principal of shareholder loans that HPX has already invested and will continue to invest during the development phase. , in the Guinean and Liberian subsidiaries involved in the development of the Nimba project.

MIGA is based in Washington, DC and provides political risk insurance for projects across a wide range of sectors in developing member countries, spanning all regions of the world.

Financial Advisor

BMO Capital Markets acted as financial advisor and placement agent in connection with the financing.

About HPX

HPX is a privately held United States-domiciled mineral exploration and development company. For more information, please visit www.hpxploration.com.

Information

Evan Young
Telephone: +1.604.689.8765
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76370



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