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, CFO/Director
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plan and objective for future operations and include, without limitation, statements with respect to the anticipated production from the Swamp Point North Aggregate Project, the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward -looking statements by the use of terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.
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