News OutHighwood Obtains Further Extension for Repayment of Debt
CALGARY, ALBERTA--Highwood announces that its principal lender has
agreed to an amendment of the forbearance agreement dated October
3, 2001, as amended March 28, 2002 with respect to the repayment
of the debt due to the lender. The amendment provides an
extension of the time for repayment of all indebtedness owing to
the lender from September 30, 2002 to December 31, 2002. The
amendment requires Highwood to engage a monitor to report to the
lender on business operations.
The repayment extension is expected to provide Highwood sufficient
time to complete the plan of arrangement announced August 30,
2002. Completion of the arrangement is subject to regulatory,
shareholder and court approvals.
Certain statements in this news release may constitute "forward
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward looking statements
involve risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Corporation to
be materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Highwood Resources Ltd.
Malcolm Kane
President
(403) 261-3999
or
Highwood Resources Ltd.
Chris Knight
Vice President, Finance
(403) 261-3999
Email: hwd_ltd@telusplanet.net
Website: www.highwood-resources.com
KC