Highbank Resources Ltd. (TSXV:HBK), Bankruptcy

Highbank Resources Ltd. (TSXV:HBK), a Vancouver, British Columbia-based company involved in the acquisition, exploration and development of mineral resource properties, filed an assignment in bankruptcy on April 9, citing slow sales.

The company was founded in 1980 and was primarily engaged in the development of an aggregate resource property in northwest British Columbia and the exploration of a polymetallic prospect in Newfoundland.

According to its financial statements for the period ended September 30, 2024, the company had total assets of $372,000 and liabilities of nearly $13 million. At the time, it indicated that its ability to continue as a going concern was dependent on successful results from its mineral property exploration and development activities, and that it would cover costs over the next year with loans from directors. Unfortunately, it was not able to address its debt obligations as they became due and ceased operating just before the bankruptcy assignment.

D. Manning & Associates is the bankruptcy trustee.