Mr. James Place reports
HIGHBANK RECEIVES APPROVAL FOR RENEWAL OF SWAMP POINT NORTH - LICENCES OF OCCUPATION & ISSUES SHARES FOR DEBT FOR $370,000 CONVERTIBLE DEBENTURE INTEREST
Highbank Resources Ltd. has provided the following updates.
Renewal of tenures over Swamp Point North
Highbank has received approvals from the Ministry of Forests, Lands and Natural Resource Operations (FLNRO), British Columbia, to renew the current licences of occupation for the Swamp Point North aggregate properties and foreshore (loadout area). Renewals will be for an additional 15 years from March 5, 2017.
Shares for debt
Further to the company news release dated March 1, 2017, and the TSX Venture Exchange bulletin dated March 20, 2017, the company has issued 7.4 million common shares at a deemed price of five cents per share to settle $370,000 in convertible debenture interest accruals up to Dec. 31, 2016, with seven of the debentureholders. Two of the debentureholders have requested payment of accrued interest in cash and deferred the cash payment until further financing is available.
The shares will be subject to a statutory hold period and restricted from trading until July 22, 2017.
We seek Safe Harbor.
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