(Adds details. Figures in U.S. dollars unless noted) OTTAWA, Jan 2 (Reuters) - Canadian junior miner High River Gold (HRG.TO: Quote, Profile, Research, Stock Buzz) said on Friday it is trying to secure additional funds to meet its financial obligations as it faces weaker-than-expected cash flow due to operational problems. The cash crunch comes after Severstal Resources (CHMF.MM: Quote, Profile, Research, Stock Buzz), Russia's largest steelmaker, spent $45 million to take a 50.1 percent controlling stake in High River in late November. High River, which operates mines in Russia and Burkina Faso, said it had about $142 million in debt and about C$11 million in cash as of Dec 31, 2008. It hopes to finalize arrangements for additional debt or equity financing by Jan. 31. The company said it recently told trade creditors for its Somita subsidiary in Burkina Faso it would slow payments for accounts receivable for a "brief period". It plans to pay suppliers for current purchases of goods and services. High River is in talks to obtain a waiver from debt covenants it is breaching on its $35 million loan with Royal Gold Inc (RGLD.O: Quote, Profile, Research, Stock Buzz). Payments are up to date with Nomos Bank on current and long-term debt, it said, and a $27 million loan from Standard Bank recently got a corporate guarantee from Severstal. The Chief Operating Officer and two vice presidents have left High River, with COO duties shared by the Chief Executive and mine managers until a replacement is found. High River stock fell 1.5 Canadian cents, or 10.3 percent, to 13 Canadian cents, soon after the Toronto market opened. ($1=$1.22 Canadian) (Reporting by Susan Taylor; editing by Janet Guttsman)

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