Highbank Resources Ltd. (TSXV:HBK,FWB:V7O) has closed the first tranche of $2.7 million of its total $4 million convertible debenture financing. Funds raised from the financing will be used to continue development of the Swamp Point North aggregate project, including the purchase of rolling and plant equipment and conveyors as well as development of the barge load-out facility. A portion of the funds will also be used as working capital.

As quoted in the press release:

The convertible debentures bear interest at the rate of 10% per annum 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 $0.45 during the first year, $0.35 during the second year, and at a price of $0.25 in the third year.

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