Highbank Resources (TSXV:HBK, FWB:V7O) has closed the second tranche of its $1.3 million convertible debenture at the Swamp Point North aggregate project in northern British Columbia. The total amount for the convertible debenture is $4 million.
The convertible debentures bears interest at the rate of 10% per annum and has a term of three years 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.
Commenting on Swamp Point’s progress, Mr. Victor N. Bryant, President/CEO said:
V.P. Operations Mr. Stan Spletzer, is presently onsite assisting in planning for preparation of stripping and mining activities; and for installation of the crushing and washing plant equipment. Final discussions are taking place with the pile driving company-part of the barge load-out facility, which we expect to be on site in the latter part of this month.