Vancouver, B.C. – February 17, 2016 – Highbank Resources Ltd. (TSX.V –“HBK”), (the “Company”).
Further to our news release of January 18, 2016 the Company has been requested to announce a new private placement, as opposed to further tranches and an increase in the previously announced financing.
The Company is arranging a non-brokered private placement to raise up to $100,000 through the issuance of 1,250,000 units at $0.08 per share, with 1.25 million transferable warrants attached at a price of $0.15 per share if exercised within the first year and at a price of $0.20 per share if exercised within the second year. The Company will pay a finder’s fee of up to 8% in cash or warrants. The Company will use the funds to continue development of Swamp Point North aggregate project and for working capital.
The private placement is subject to TSX Venture Exchange approval.
ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD.
Gary Musil, CFO/Director
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