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Highbank issues 6.57 million shares for debt
2016-04-04 14:08 ET - News Release
Mr. Gary Musil reports
HIGHBANK ISSUES SHARES FOR DEBT FOR $565,343 CONVERTIBLE DEBENTURE INTEREST ACCRUALS
Highbank Resources Ltd. has issued 6,573,756 common shares at a deemed price of 8.6 cents per share to settle $565,343 in convertible debenture interest accruals up to Dec. 31, 2015, with six of the debenture holders.
Two of the debenture holders have requested payment of accrued interest in cash, and one has deferred the cash payment until further financing is available. The shares are subject to a statutory hold period from trading until July 30, 2016. The company would like to thank the convertible debenture holders for their original $4-million in financing invested in April through August 2014, and their patience in not demanding payment of the accrued interest during the quarterly periods from 2014 to date; as the company was continuing to raise financing for development the Swamp Point North aggregate project.
Swamp Point North property update: due to inquiries from potential aggregate customers and other interested parties, Highbank is currently reviewing data from drilling, seismic refraction surveying and topographic mapping done on the Swamp Point site in 2005-2006 to determine the potential for additional bedrock volumes within the property. Highbank did not include bedrock volumes in its original resource calculation (for further information please review the NI 43-101 technical report on a preliminary economic assessment for Swamp Point North, dated April 23, 2015, as prepared by Micon International Ltd.) on the Highbank company website. Bedrock from the property has been successfully used for road building and erosion control on the property, and samples of the rock are being shipped to Highbank's head office for testing. Highbank has met with DMT Geosciences Ltd. of Calgary, Alta., requesting advice regarding the scope of sampling (drilling) and testing that will be required for a NI 43-101 compliant, quarry rock additional volume determination.
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