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Highbank Resources to issue 416,667 shares for debt

posted on Sep 27, 2016 08:01PM

2016-09-27 15:34 ET - News Release

Mr. Gary Musil reports

HIGHBANK ARRANGES SHARES FOR DEBT FOR $25,000

Highbank Resources Ltd. has agreed to issue an aggregate of 416,667 common shares at a deemed price of six cents per share to one creditor. The shares-for-debt transaction is subject to regulatory approval, and, once issued, a statutory hold period of four months plus one day. The debt is $94,500 and the creditor has agreed to a one-time cash payment of $21,120.25 and $25,000 in shares to satisfy the debt. The company is not indebted to any other creditors who wish to settle shares for debt.