Vancouver, B.C. – March 1, 2017 - Highbank Resources Ltd. (TSX.V –"HBK"), (the "Company").
Shares for Debt:
The Company has arranged for the issuance of 7,400,000 common shares at a deemed price of $0.05 per share to settle $370,000 in Convertible Debenture interest accruals up to December 31, 2016; with seven (7) of the Debenture holders. Two (2) of the debenture holders have requested payment of accrued interest in cash, and have deferred/ accrued the cash payment when financing is available.
The Common Shares are subject to the statutory hold period from trading and the Shares for Debt is subject to Exchange approval.
The Company would again 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 the development and maintenance of our Swamp Point North aggregate project.
ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD
Gary Musil, CFO/Director
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plan and objective for future operations and include, without limitation, statements with respect to the anticipated production from the Swamp Point North Aggregate Project, the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward -looking statements by the use of terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.