Property Agreement
The TSX Venture Exchange has accepted for filing an earn-in agreement, dated Aug. 22, 2003, and executed Dec. 31, 2004, between Highbank Resources Ltd. and Portland Canal Aggregates Corp. pursuant to which the company has the option to acquire up to a 100-per-cent interest in the Swamp Point gravel deposit, located near Stewart, B.C.
The total consideration payable by the company to the vendor is up to two million common shares (840,000 common shares in the first year). The company has also agreed to finance work expenditures of up to $1.3-million over a three-year period ($300,000 in the first year). In addition, the company has agreed to pay the vendor a 5-per-cent gross overriding royalty from production at the property.
Finder's fee: 150,000 common shares of the company is payable to Dieter Schindelhauer in connection with the acquisition of the property
For further details, please refer to news as reported in Stockwatch on Jan. 4, 2005.
© 2005 Canjex Publishing Ltd.