Vancouver, B.C. – May 23, 2017 - Highbank Resources Ltd. (TSX.V –"HBK"), (the "Company").
Loan/Bonus Shares Agreement:
The Company has arranged an additional demand loan for $100,000 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 with additional costs for barging and fuel (previously delivered in September 2016); $32,000 for year-end audit fees and 2017 TSX Venture annual sustaining fees; and working capital.
The loan bears interest at 1.5% per month. In consideration for the loan, the Company has also agreed to issue 400,000 bonus common shares, at a deemed price of $0.05 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 +1 day hold period from the date of issued.
In the News:
AltaGas Work camps under Construction – March 8, 2017 – The Prince Rupert Northern View by Shannon Lough –http://ow.ly/kB2h30bYFFw
Single level dorms are linking up like Lego blocks in Port Edward. LandSea Camp Services has been contracted to build the camps for the upcoming construction of the AltaGas propane terminal project on Ridley Island. The project is estimated to have 200 to 250 positions for workers at the height of the construction period. Construction of the propane terminal is expected to take up to 24 months.
Prince Rupert inks $6.9 million waterworks contract –March 13, 2017 – The Prince Rupert Northern View by Kevin Campbell - http://ow.ly/pNsg30bYJ8U
City Council approved a $6.9 million contract to Forth St. John-based Kledo Construction to work on the Shawatian Raw Water Pipeline Project (or Phase 1) to begin this spring, which will replace the pipeline and build an access road to the dam. "The need to replace the 100-year old dam and supply line at Woodworth Lake will begin this year in a three-phase project, "said Richard Pucci, Director of City Operations. The update will replace the system for the community, plus service the potential growth in the City of Prince Rupert.
Petronas may consider Shell Site for Canadian LNG Project on Ridley Island –April 2, 2017 –Bloomberg Petronas CEO (video) comments on PNW project - http://ow.ly/3U2V30bYNwZ
Malaysia’s Petronas is looking at building its $27 billion (U.S.) liquefied natural gas export terminal on the site of an abandoned Shell energy project. A Bloomberg dispatch to the Post say that while Petronas has yet to make a final decision to move forward with its Pacific NorthWest LNG project on the B.C. coast, Shell’s Ridley Island site "‘could be one of the options" for a location for the complex. Petronas had already been looking at moving the project’s docking facilities to Ridley in a modification that would help to both quell local opposition and potentially save as much as $1 billion (U.S.). TransCanada is a member of the Pacific NorthWest consortium.
Gitga’at Nation of Harley Bay join other coastal First Nations in signing LNG Benefits Agreement – April 4, 2017 – North Coast Review- http://ow.ly/k0M530bYOgz
An LNG benefits agreement has been inked between the Province and Gitga’at First Nation of Hartley Bay. The Band Council’s chief councilor Arnold Clifton signed the agreement on March 29, a day before aboriginal relations and reconciliation minister John Rustad publicly announced a similar agreement with the Kitselas First Nation.
Prince Rupert inks deal with Pembina for Watson Island – April 11, 2017 –City of Prince Rupert- Veronika Stewart, Communications Manager- http://ow.ly/d1Tg30bYPa8
The City of Prince Rupert and Pembina Pipelines have signed a letter of intent to construct a liquid propane export terminal on Watson Island. Pembina Infrastructures and Logistics, a subsidiary of Calgary-based Pembina Pipelines, are exploring the construction of a potential export terminal.
The project is anticipated to use a portion of the 280 acres on Watson Island’s old pulp mill site.
Although no office price tag has been released, in February 2016 Pembina backed away from a proposed $500 million U.S. project in Portland, Oregon. At the time, a spokesman for Pembina told the Portland Business Journal that the reason for the pullout was "a lack of support by the major and city council."
That project was based on the facility receiving an average of 1.6 million gallons of propane per day by rail from Pembina’s Redwater Facility northeast of Edmonton.
Vopak teams up with AltaGas for Propane Terminal –May 5, 2017 – The Prince Rupert Northern View by Shannon Lough - http://ow.ly/8ium30bYPs5
Royal Vopak, an international tank storage company, based in Rotterdam-Netherlands, is taking a 30 percent interest in the AltaGas propane terminal project on Ridley Island – Port of Prince Rupert. This will be the first propane export terminal on Canada’s west coast.
Vopak is a very strategic global tank storage company and brings significant experience in terminals worldwide. The company boasts a 400-year history, operating 67 terminals in 25 countries.
The export facility will receive B.C. and Alberta propane from 50-60 rail cars a day. AltaGas said that the Ridley Terminal’s land and water rights enables the loading of large gas carriers to access global markets, shipping approx. 1.2 million tonnes of propane per year.
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.