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Message: Highbank completes $100,000 in loans



2018-11-19 20:29 ET - News Release


Mr. Gary Musil reports


Highbank Resources Ltd. arranged a demand loan for $50,000 from a related party/director and a non-related party for $50,000 in both September and November.

The company was unable to engage other lenders at this time, and it was imperative that it keep its Swamp Point North site with 24-seven security for insurance liability purposes, including preventing theft and property damage. Additional funds were required for barging, fuel (diesel, gasoline and propane) and supplies for the winter months, as well as administrative costs (legal, accounting, regulatory filing fees, site expediting work, insurance and communication costs).


The loans bear interest at 1.0 per cent per month. In consideration for the loans, the company has also agreed to issue 400,000 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 agreements, will be subject to a four-month-one-day hold period from the date of issuance.

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