HIGHBANK COMPLETES CONVERTIBLE DEBENTURE EXTENSIONS
Vancouver, B.C. – December 4, 2017 - Highbank Resources Ltd. (TSX.V –“HBK”), (the “Company”).
Highbank Resources Ltd. is pleased to announce that they have completed amendments with its Convertible Debenture lenders for $3.9 million of the total $4.0 million convertible debenture loans. The Loan Extensions amended, among other terms, the maturity dates of the loans, extending them to April 7, 2019 and August 7, 2019 depending on which tranche of loans the lenders originally participated in.
Interest will be calculated at the original rate of 10% per annum, payable in cash or shares. The share conversion price has been amended to $0.07 per share if converted in the first year from the date amended (ie. April 7 & August 7, 2018) and at $0.10 per share if not converted in the first year up to the anniversary date and up to the end of the second year from the date amended (ie. April 7 & August 7, 2019).
All other terms of the Convertible Debenture Agreements remain the same as originally agreed and approved.
The above extensions are subject to TSX Venture and regulatory approvals.
On behalf of the Board of Directors of
HIGHBANK RESOURCES LTD.
“Gary Musil”
Gary Musil
CFO/Director
