Vancouver, B.C. – January 24, 2018 - Highbank Resources Ltd. (TSX.V – "HBK") (the "Company") announces that the TSX Venture Exchange has no objection to the Company amending the terms of its outstanding Convertible Debentures in the amount of $4,000,000. The amendments, among other terms, extend the maturity dates 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 common 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 but up to the anniversary date and to the end of the second year from the date amended (ie. April 7 & August 7, 2019).
All other terms remain the same as originally agreed and approved. The amended debentures have a hold period expiring May 24, 2018.
The Securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons unless the Securities Units are registered under the 1933 Act or pursuant to an applicable exemption from the registration requirements of the 1933 Act. The press release does not constitute an offer to sell, nor is it a solicitation of an offer of securities, nor shall there be any sale of securities in any state of the United States in which such offer, solicitation or sale would be unlawful.
ON BEHALF OF THE BOARD OF DIRECTORS OF
HIGHBANK RESOURCES LTD.
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.