Highbank Raising $4,000,000
April 03 2014 - 8:00AM
Marketwired
Highbank Raising $4,000,000
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 3, 2014) -
Highbank Resources Ltd. (TSX-VENTURE:HBK)(FRANKFURT:V7O) (the
"Company") is arranging non-brokered Convertible Debenture
financings up to $4,000,000.
Convertible
Debenture/Loan Financing
Highbank is arranging Convertible Debenture/Loan Financings of
up to $4 million of 10 percent convertible debentures. The
convertible debentures will have a maturity of three (3) years from
the date of signing, and will be convertible into common shares
based on the following terms, or repaid from aggregate production
revenues:
-Providing 90 calendar days' notice to the Company:
(a) |
converting the principal amount within one year of anniversary of
signing -the conversion price will be calculated at $0.45 per
share; |
(b) |
converting the principal amount within two years of anniversary of
signing - the conversion price will be calculated at $0.35 per
share; |
(c) |
converting the principal amount within three years of anniversary
of signing - the conversion price will be calculated at $0.25 per
share. |
Interest Payable - Annually at 10% -Immediately accruing upon
receipt of funds; and payable on a quarterly basis commencing 90
days following the month at which the Company reaches agreed tons
of aggregate production. The investors can convert the interest at
any quarter with the investor giving the Company 30 days' notice.
Conversion is based on the greater of the market price of the
Company's shares (as defined in the TSX Venture Exchange Policy
1.1) and the twenty (20) day weighted average price from the date
of the conversion notice.
The Company will pay a finder's fee based on recommended TSX
Venture Exchange policy guidelines and regulatory approvals. The
financing will be subject to TSX Venture Exchange acceptance.
The net proceeds of the financing will be used to continue
development to production, and start-up costs of the Swamp Point
North aggregate project, and general working capital.
The Company has received expressions of interest of up to $2.7
million of the $4 million financing, and is expecting to sign
definitive agreements soon.
On behalf of the Board of Directors of HIGHBANK RESOURCES
LTD.
Gary Musil, CFO/Director
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.
Highbank Resources Ltd.Gary MusilCFO/Director(604) 683-6648(604)
683-1350highbank@telus.netwww.highbankresources.com
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