Vancouver, B.C. – February 21, 2018 - Highbank Resources Ltd. (TSX.V –"HBK"), (the "Company").
Highbank Resources Ltd., announces that further to our news release of December 15, 2017 the Company has arranged $370,000 in loans from five non-related parties to cover costs of the previously announced 750 tonne bulk aggregate production sample; Swamp Point North ("SPN") site security and maintenance expenses for November 2017 to April 2018; and administrative costs.
Approximately $200,000 was budgeted for the bulk sampling expenditures such as: barging of additional equipment required for site loading and unloading; barging of aggregate from the site to the Port of Prince Rupert; leasing of industrial waterfront in the Port of Prince Rupert; equipment rental; transportation and expenses relating to additional personnel; fuel and supplies; sample processing, and lab testing. Prior to the bulk sample barge and equipment arriving the Company had also arranged for a small barge load of fuel, propane, and gasoline to cover approximately six months site maintenance time.
As per previously arranged loans the terms are as follows. The loans bear interest at 1.5% per month. In consideration for the loans, the Company has also agreed to issue 1,480,000 bonus common shares, at a deemed price of $0.05 per share. The loan and issuance of bonus shares are subject to regulatory approval, and pursuant to the agreements will be subject to a four month +1 day hold period from the date of issuance.
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.
Neither the 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.