2018-01-24 15:29 ET - News Release

Mr. Gary Musil reports

HIGHBANK CLOSES CONVERTIBLE DEBENTURE EXTENSIONS

The TSX Venture Exchange has no objection to Highbank Resources Ltd. amending the terms of its outstanding convertible debentures in the amount of $4-million. The amendments, among other terms, extend the maturity dates to April 7, 2019, and Aug. 7, 2019, depending on which tranche of loans the lenders originally participated in. Interest will be calculated at the original rate of 10 per cent per year, payable in cash or common shares. The share conversion price has been amended to seven cents per share if converted in the first year from the date amended (April 7 and Aug. 7, 2018) and at 10 cents per share if not converted in the first year but up to the anniversary date and to the end of the second year from the date amended (April 7 and Aug. 7, 2019).

All other terms remain the same as originally agreed and approved. The amended debentures have a hold period expiring May 24, 2018.

We seek Safe Harbor.