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Sale of Warrants

Diversion’s 15 June sale of 10 million warrants was a significant and positive

event for Highlands

Diversion did not have the cash required to exercise; however, the investor

did have sufficient cash, and Highlands achieved £2.5M in cash proceeds

from exercise of 10 million warrants

On 2 September, 2016 Diversion sold a second tranche of 10 million warrants to

the investor

In the new transaction, the investor committed to exercise warrants under

certain terms

15% of daily volume exercised on all trading days when the average share

price exceeds 30p

Facilitates cash inflows for Highlands to support development efforts

On 16 September, 5 million warrants were exercised, resulting in a further

£1.25M in cash for Highlands

Cumulative proceeds from the investor’s warrants are £3.75M


Highlands is now well capitalised and able to deploy the proceeds of warrants into new

and existing projects to generate long-term value for shareholders