Highbank Resources arranges $65,000 demand loan

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Highbank Resources arranges $65,000 demand loan

posted on Feb 24, 2017 01:30PM

2017-02-22 14:13 ET - News Release

Mr. Gary Musil reports

HIGHBANK ARRANGES FURTHER DEMAND LOAN FOR $65,000

Highbank Resources Ltd. has arranged a demand loan for $65,000 from a non-related party.

The proceeds of the loan are to be used for care and maintenance of its Swamp Point North aggregate project and working capital.

The loan bears interest at 1.5 per cent per month. In consideration for the loan, the company has also agreed to issue 260,000 bonus common shares at a deemed price of five cents per share. The loan and issuance of bonus shares are subject to regulatory approval and, pursuant to the agreement, will be subject to a four-month-plus-one-day hold period from the date of issue.

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