Vancouver, B.C. – January 11, 2016 – Highbank Resources Ltd. (TSX.V –“HBK”), (the “Company”).
Further to our news release of September 17, 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 received conditional acceptance by the TSX Venture Exchange (the “Exchange”) to proceed, and announced the closing of the first tranche of 2,006,250 units on October 2, 2015.
The Company has now received subscriptions for a further 4,380,000 units in the second tranche for gross proceeds of $350,400. The shares and warrants will have a hold period of four months +one day from closing. Insider’s Gary Musil (55,000 units) and Victor N. Bryant (100,000 units) subscribed in this second tranche. Finder’s fees of $9,920 cash will be paid.
The second tranche is subject to TSX Venture Exchange acceptance for filing.
ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD.
Gary Musil, CFO/Director
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