Pacific Northwest B.C. News & Management Agreement With CEO
Online, November 23, 2015 (Newswire.com) - VANCOUVER, BC - Highbank Resources Ltd. (TSX VENTURE: HBK) (FRANKFURT: V70), (the "Company").
In the News:
Exxon/Imperial Oil - WCC-LNG Project Ltd. (Proponent) now taking public input on Prince Rupert LNG facility Environmental Assessment of the Proposed WCC LNG Project -- Open House and Invitation to Comment -- November 23, 2015 ow.ly/UABP4
A liquefied natural gas (LNG) facility and marine terminal for the export of LNG would be located on the eastern shore of Tuck Inlet on district Lot 444 within the city limits of Prince Rupert, B.C. The Proponent is moving to obtain an environmental assessment certificate before any work can be undertaken on the Project.
To provide information about the Application Information Requirements (AIR), the Environmental Assessment Office of British Columbia (EAO) invites the public to attend an Open House. The Open House details are provided in the above link.
Canpotex CEO sees potash terminal expansion decision late 2016
Rod Nickel, Reuters Canada, November 23, 2015 ow.ly/UZIpA
Ken Seitz, the new chief executive of Canpotex Ltd. expects the Canadian potash trader to decide around late 2016 where to expand West Coast terminal capacity, a move that could give it a faster route to Chinese buyers in a highly competitive market.
Options include building a C$775 million terminal at Prince Rupert, B.C. which would allow Canpotex to bypass busy Port Metro Vancouver and cut shipping times to China by two days, said CEO Mr. Seitz, in a phone interview from Saskatoon, Saskatchewan.
John Barry Helin, elected Mayor of Lax Kw'alaams
Kevin Campbell, The Northern View, November, 20, 2015 ow.ly/UZ8n5
With 353 votes, Helin was elected by the community after the results were tabulated on Friday.
Helin defeated incumbent candidate Garry Reece (274 votes) as well as challengers Carl Sampson (300 votes) and Robert Moraes (99 votes).
In order of most votes cast, the elected 12 councillors for the band include Chris Sankey, Geraldine Alexcee, Kelly Sampson, Theodore White, Braden Dudoward, Russell Reno Mather Jr., Stanley Dennis, Helen Johnson, Barbara Henry, Angela Green, Sharon Haldane and Harvey Russell Jr.
Trustee candidate Elaine Miller was elected by acclamation.
Wait for assessment, B.C. deputy premier tells LNG terminal critics
Brent Jang, The Globe and Mail, November 15, 2015 ow.ly/UZbBa
B.C. Deputy Premier Rich Coleman says plans for a liquefied natural gas terminal near Prince Rupert will be judged on a science-based environmental assessment, urging the project's critics to wait for details from a federal review.
Mr. Coleman said critics should allow the Canadian Environmental Assessment Agency (CEAA) to finish its job and study new submissions -- notably scrutinizing more details expected from Pacific NorthWest LNG about its plans for building an $11.4 billion terminal.
LNG terminal 'not likely' to harm Flora Bank
Brent Jang, The Globe and Mail, November 17, 2015 ow.ly/UZ3eX
Flora Bank is a resilient area that contains eelgrass that nurtures juvenile salmon in the Skeena River estuary near Prince Rupert. "The technical work completed to date, commissioned by Pacific Northwest LNG, led by Malaysia's state-owned Petronas; indicates that the project is not likely to cause significant adverse environmental effects on fish and fish habitat," according to the consortium's 36-page summary of its findings.
Pacific Northwest LNG conducted new studies after the CEAA requested more details from the consortium. Since that June 2 request, Stantec Consulting Ltd., Hatch Ltd. and other consultants have spent months gathering data and carrying out research in response to what CEAA had described as a lack of information. "Throughout this process, PNW LNG has worked constructively with interested area First Nations, various government agencies and stakeholders to build a science based report," said Spencer Sproule, the consortium's senior adviser of corporate affairs.
The Tsimshian Environmental Stewardship Authority, formed in July by the Metlakatla and four other native groups, believes there could be an acceptable way to export LNG from Lelu Island.
Other: Management Contract for new CEO/President
On November 1, 2015 the Company entered into a Management Agreement (the "Agreement") with Geomorph Consulting, and James Place (the "Consultant") whereby the Company has agreed to pay a monthly fee of $7,500 per month, plus applicable taxes (the "Fees") with a term of twenty-four months. The Company will also reimburse the Consultant for all reasonable business, travel, hotel, entertainment and other out-of-pocket expenses which are incurred by the Consultant in the provision of his services. A termination clause has been included whereby the Consultant is entitled to the following fees resulting from change of control or termination by the Company:
- 3 times the Fee if the Consultant is terminated within the first six months of this agreement;
- 5 times the Fee if the Consultant is terminated within six months and one day to one year of this agreement;
- 10 times the Fee if the Consultant is terminated from one year thereafter of this agreement.
"Change of Control" means any event, including an amalgamation, merger or consolidation that causes:
- A third party to own or control, directly or indirectly, 50% or more of the voting shares of the Company;
- A third party to own or control, directly or indirectly, sufficient voting shares in the Company to elect a majority of the directors of the Company;
- An assignment, sale, or transfer by the Company of all or substantially all of the Company's business to a third party or to an affiliate or a wholly owned subsidiary; or
- An assignment, sale, or transfer by the Company of all or substantially all of the Company's assets to a thirty party or to an affiliate or a wholly owned subsidiary.
Further details of the agreement can be reviewed on www.SEDAR.com under Highbank Resources Ltd. filings.
Newly appointed CEO/President, James Place travelled to northwestern B.C. (Terrace, Prince Rupert & Kitimat) during the week of November 16th, spending time meeting area contractors, and government officials involved in proposed and on-going projects in the area.
ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD.
"Gary Musil"
Gary Musil,
Corporate Secretary/CFO/Director
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plan and objective for future operations and include, without limitation, statements with respect to the anticipated production from the Swamp Point North Aggregate Project, the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward- looking statements by the use of terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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