Highbank arranges $5,500 loan

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Highbank arranges $5,500 loan

posted on Feb 28, 2017 05:35PM

2017-02-25 02:31 ET - News Release

Mr. Gary Musil reports

HIGHBANK ARRANGE ADDITIONAL $5,500 DEMAND LOAN

Further to the news release of Feb. 22, 2017, Highbank Resources Ltd. has arranged an additional demand loan for $5,500 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 22,000 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 one-day hold period from the date of issuance.

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