Highbank issues 7.28 million shares for debt of $364K

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Highbank issues 7.28 million shares for debt of $364K

posted on Oct 15, 2018 10:26AM

2018-10-05 19:10 ET - News Release

Mr. Gary Musil reports

HIGHBANK ARRANGES SHARES FOR DEBT FOR $364,000 CONV. DEBENTURE INTEREST PMT.

Highbank Resources Ltd. has arranged for the issuance of 7.28 million common shares at a deemed price of five cents per share to settle $364,000 in convertible debenture interest accruals up to Dec. 31, 2017, with seven of its debentureholders. Two of the debentureholders have requested payment of accrued interest in cash, and have deferred/accrued the cash payment when financing is available.

The common shares are subject to the statutory hold period from trading, and the shares for debt are subject to exchange approval.

The company would again like to thank the convertible debentureholders for their original $4-million in financing invested in April through August, 2014, and their patience in not demanding payment of the accrued interest during the quarterly periods from 2014 to date as the company was continuing to raise financing for the security, care and maintenance of its Swamp Point North aggregate project.