Vancouver, B.C. – November 19, 2018 - Highbank Resources Ltd. (TSX.V –"HBK"), (the "Company").
The Company has 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 we keep our Swamp Point North site with 24/7 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 month. In consideration for the loans, 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 agreements will be subject to a four month +1 day hold period from the date of issuance.
ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD
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.
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