HIGHBANK APPLAUDS B.C. GOVERNMENT'S REDUCED LNG LEVY
VANCOUVER, B.C., CANADA10, October 27, 2014 /EINPresswire.com/ -- 2014-10-24 06:57 ET - News Release
Mr. Victor Bryant reports
HIGHBANK APPLAUDS B.C. GOVERNMENT'S REDUCED LNG LEVY
Highbank Resources Ltd. has provided an update. President and chief executive officer Victor Bryant commented, "The Highbank board of directors whole-heartedly applaud British Columbia Premier Christy Clark and her ministers on their revised B.C. LNG export levy." This revised tax structure should most assuredly entice the energy behemoths of the recently formed B.C. LNG Developers Alliance, comprising Malaysian state-controlled Petronas-led Pacific Northwest LNG; Shell Canada Energy-led LNG Canada; B.G. Group PLC's Prince Rupert LNG; and the Kitimat LNG project, which is co-owned with the Canadian units of Chevron.
Commenting to Bloomberg, one of the Alliance members (Royal Dutch Shell) stated, "We are pleased to have certainty on a final B.C. LNG tax framework." David Keane, president of the B.C. LNG Alliance, added, "We appreciate the fact that the government has revisited their original tax."
LNG Canada, the Kitimat-based LNG project led by Shell, issued a further statement that appears supportive of the government tax structure unveiled Tuesday. "We are of the view that the B.C. LNG tax framework announced by the government provides balance and consideration of the global challenges in the LNG marketplace faced by the LNG sector in B.C.," the company said in a statement. "We consider it an important input to our decision-making process." This LNG levy regime will be of tremendous benefit to Highbank, which is poised to commence production at its National Instrument 43-101-compliant aggregate deposit on the Portland Canal. To put the scope of the proposed development of LNG in B.C. in perspective the following map indicates the location to the companies involved. Currently high rainfall at the site is delaying gravel preparation. However, the delay is allowing work to proceed on winterizing the camp, completing a dry storage area for equipment and supplies, and other infrastructure work around the barge load-out site.
Further to the TSX Venture Exchange acceptance for filing bulletin of Oct. 15, 2014, the company has issued a second tranche of 1,193,000 shares at a deemed price of 22 cents to settle a debt of $262,500 to Foresight Innovations Ltd. of Victoria, B.C. The shares are subject to a hold period from trading until Feb. 17, 2015.
We seek Safe Harbor.
Mr. Victor Bryant reports
HIGHBANK APPLAUDS B.C. GOVERNMENT'S REDUCED LNG LEVY
Highbank Resources Ltd. has provided an update. President and chief executive officer Victor Bryant commented, "The Highbank board of directors whole-heartedly applaud British Columbia Premier Christy Clark and her ministers on their revised B.C. LNG export levy." This revised tax structure should most assuredly entice the energy behemoths of the recently formed B.C. LNG Developers Alliance, comprising Malaysian state-controlled Petronas-led Pacific Northwest LNG; Shell Canada Energy-led LNG Canada; B.G. Group PLC's Prince Rupert LNG; and the Kitimat LNG project, which is co-owned with the Canadian units of Chevron.
Commenting to Bloomberg, one of the Alliance members (Royal Dutch Shell) stated, "We are pleased to have certainty on a final B.C. LNG tax framework." David Keane, president of the B.C. LNG Alliance, added, "We appreciate the fact that the government has revisited their original tax."
LNG Canada, the Kitimat-based LNG project led by Shell, issued a further statement that appears supportive of the government tax structure unveiled Tuesday. "We are of the view that the B.C. LNG tax framework announced by the government provides balance and consideration of the global challenges in the LNG marketplace faced by the LNG sector in B.C.," the company said in a statement. "We consider it an important input to our decision-making process." This LNG levy regime will be of tremendous benefit to Highbank, which is poised to commence production at its National Instrument 43-101-compliant aggregate deposit on the Portland Canal. To put the scope of the proposed development of LNG in B.C. in perspective the following map indicates the location to the companies involved. Currently high rainfall at the site is delaying gravel preparation. However, the delay is allowing work to proceed on winterizing the camp, completing a dry storage area for equipment and supplies, and other infrastructure work around the barge load-out site.
Further to the TSX Venture Exchange acceptance for filing bulletin of Oct. 15, 2014, the company has issued a second tranche of 1,193,000 shares at a deemed price of 22 cents to settle a debt of $262,500 to Foresight Innovations Ltd. of Victoria, B.C. The shares are subject to a hold period from trading until Feb. 17, 2015.
We seek Safe Harbor.
Greg Shafrasnky
Highbank Resources Ltd
604-683-6648
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