VANCOUVER, BC --(Marketwired - August 08, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Highbank Resources Ltd. (TSX VENTURE: HBK)(FRANKFURT: V7O), (the "Company") is pleased to announce the closing of the 2nd tranche of its $1.3 million convertible debenture, as its Swamp Point North aggregate project moves closer to production.
Swamp Point North -project update
Mr. Victor N. Bryant, President/CEO reports: V.P. Operations Mr. Stan Spletzer, is presently onsite assisting in planning for preparation of stripping and mining activities; and for installation of the crushing and washing plant equipment. Final discussions are taking place with the pile driving company-part of the barge load-out facility, which we expect to be on site in the latter part of this month.
Highbank closes the 2nd tranche -$1.3 million of our total $4 million convertible debenture financing.
The convertible debentures bears interest at the rate of 10% per annum and has a term of three years for repayment by the Company from revenues earned through the sale of aggregate from the Swamp Point North aggregate project. The debentures are convertible into shares of the Company at a price of $0.45 during the first year, $0.35 during the second year, and at a price of $0.25 in the third year.
The Company is paying cash finder's fees equal to 7-1/2% on a portion of the gross proceeds raised from the convertible debentures or $82,500 and 22,727 shares at a deemed price of $0.33 per share.
On Behalf of the Board of Directors of
HIGHBANK RESOURCES LTD."Victor N. Bryant"
Victor N. Bryant,
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 news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
#600 - 625 Howe Street
Vancouver, B.C. V6C 2T6
Ph: (604) 683-6648
Fax: (604) 683-1350
Source: Highbank Resources Ltd.