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Highbank Resources Ltd. (TSXV:HBK) announced that the TSX Venture Exchange has given approval for the $900,000 working capital financing. The Company also announced that it has signed an amended agreement with Stan Spletzer/ Solid Holdings Ltd
As quoted in the press release:
As a result of additional expenditures incurred during pre-production; commissioning of the production equipment; further site and roadway upgrades; changes required to the aggregate wash plant in order to maximize output; and costs incurred in the preparation of the Preliminary Economic Assessment (“PEA”); Highbank requires additional financing before product sales and cash inflows.
The financing will not result in any further dilution of the share capital, no share loan bonuses will be issued, and is expected to be repaid from production sales.
The Company has received $675,000 from a non-related third party and $225,000 from Melsar Management Inc. (a company controlled by William Loucks, Director).
The Company and Solid were parties to a management agreement dated February 20, 2012 relating to the Company’s Swamp Point North (“SPN”) aggregate project. The Company agrees to retain Spletzer as Interim Vice-President of Aggregate Operations. After such time as a qualified candidate is engaged, Spletzer and/or Solid Holdings will then accept the role of Consultant to the Company and continue to provide the following:
Manage procurement, labor hiring and camp administration;
Act as Consultant for purchasing and problem solving for the SPN project, when directed by the Company management;
Such other duties as may be reasonably directed from time to time by the Company.
Click here to read the Highbank Resources Ltd. (TSXV:HBK) press release
Click here to see the Highbank Resources Ltd. (TSXV:HBK) profile.