Further to our news release of September 17th, 2015 whereby the Company proposed a private placement of 7.0 million shares at a price of $0.08 per share with 7.0 million 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 is increasing the private placement from 7.0 million to 8.0 million units.
On October 2, 2015 the Company confirmed closing of the 1st tranche of 2,006,250 units and on January 12, 2016 announced the completion of the 2nd tranche of 4,380,000 units for a total of 6,386,250 units to date.
The Company is continuing to receive subscriptions for this non-brokered private placement and is expecting to close the 3rd tranche of 1,613,750 units shortly. 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 3rd tranche is subject to TSX Venture Exchange approval.
In the News:
B.C. LNG project poses low risk to environment, federal scientists say
By Brent Jang, The Globe and Mail – January 17, 2016 – http://ow.ly/XeBx2
Federal scientists say a proposal to export liquefied natural gas from British Columbia poses a low risk to the environment, a crucial ruling that sides with Pacific NorthWest LNG’s (Petronas) contention that its project won’t ruin an ecologically sensitive site.
“The effects of the marine structure on fish and fish habitat have been categorized as having a low potential of resulting in significant adverse effects, “Fishers and Oceans Canada said in a letter last week to the Canadian Environmental Assessment Agency (CEAA).
ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD.
Gary Musil, CFO/Director