Mr. Gary Musil reports
HIGHBANK CLOSES 1ST TRANCHE OF $4.0 MILLION CONVERTIBLE DEBENTURE FINANCING
Highbank Resources Ltd. has closed the first tranche of $2.7-million of its total $4-million convertible debenture financing.
The convertible debentures bear interest at the rate of 10 per cent per year 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 45 cents during the first year, 35 cents during the second year and at a price of 25 cents in the third year.
The company is paying cash finders' fees equal to 7.5 per cent on a portion of the gross proceeds raised from the convertible debentures or $150,000.
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.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.