NEWS Release Highbank proceeding to close 2nd tranche of $4 million Debenture financing. Proposes $500k "Green Shoe"
#600 – 625 Howe Street, Vancouver, B. C. V6C 2T6 Ph: (604) 683-6648 Fax: (604) 683-1350
HIGHBANK IS PROCEEDING WITH 2ND
TRANCHE OF $1.3 MILLION
CONVERTIBLE DEBENTURE FINANCING
Vancouver, B.C. – July 18, 2014 - Highbank Resources Ltd. (TSX.V –“HBK”), (the “Company”).
Mr. Gary Musil, CFO is pleased to announce that the Company is proceeding with the 2nd
$1.3 million of our total $4 million convertible debenture financing and have expressions of interest for
an additional $500,000. The Company closed the 1st
tranche of $2.7 million on April 15/14.
The convertible debentures bear interest at the rate of 10% per annum and have a term of three years from
the date of issuance for repayment by the Company from revenues earned through the sale of aggregate
from the Swamp Point North aggregate project. The debentures are convertible into shares of the
Company at a price of $0.45 during the first year, $0.35 during the second year, and at a price of $0.25 in
the third year; and are subject to regulatory approval.
The Company will pay a cash finder’s fees equal to 7-1/2% on the gross proceeds raised.
The issuance of the Convertible Debentures and the payment of the finder’s fee are subject to regulatory
The funds raised shall be used for continued development of the Swamp Point North aggregate project,
purchase of rolling and plant equipment, conveyors, site clearing, camp rehabilitation, development of the
barge load-out facility, and working capital.
The Securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “1933
Act”), and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit
of U.S. persons unless the Securities Units are registered under the 1933 Act or pursuant to an applicable exemption from the
registration requirements of the 1933 Act. The press release does not constitute an offer to sell, nor is it a solicitation of an offer
of securities, nor shall there be any sale of securities in any state of the United States in which such offer, solicitation or sale
would be unlawful.
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 that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ
materially from the expected results.
Neither 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.