Vancouver, B.C. September 1, 2016 - Highbank Resources Ltd. (TSX.V –"HBK"), (the "Company").
The Company is arranging a non-brokered private placement to raise up to $120,000 through the issuance of 2,000,000 units at $0.06 per share, with 2.0 million transferable warrants attached at a price of $0.10 per share if exercised within the first year and at a price of $0.15 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 maintenance of its Swamp Point North aggregate project and for working capital.
The private placement is subject to TSX Venture Exchange approval.
Letter of Intent Update:
Further to our news release of July 8, 2016 and May 17, 2016; Highbank continues to work with the potential purchaser on conditions of the sale of Highbank’s 100% interest in the Swamp Point North ("SPN") aggregate project. Terms of an ‘Offer to Purchase’ proposal have been discussed and an acceptable proposal is anticipated in the near future.
In the News:
Petronas $11B LNG plan buoyed by aboriginal vote – August 30, 2016 by Rebecca Penty & Natalie Obiko Pearson, Vancouver Sun-Bloomberg News - http://ow.ly/7hWL303McHS
Lax Kw’alaams First Nation pushes for two alternative sites for terminal. Petroliam Nasional Bhd.’s proposed $11 billion liquefied natural gas export plant in Canada is getting a boost as the aboriginal community signals openness to the project amid speculation that the location may be changed.
The group is set to meet in the coming days with officials from the Pacific NorthWest LNG ("Petronas) project, provincial and federal governments. Local politics are shifting with Mayor John Helin’s election in November. In March, Helin offered conditional support to Petronas in a letter to regulators. The online message to Lax Kw’alaams members identified two other prospective locations. Neither of those sites – Ridley Island or Nasoga Gulf – would be critical for salmon. This information may have contributed to the vote in favour of advancing talks.
Jim Place, CEO/President of Highbank comments; "One of the new proposed sites would bring the potential terminal closer to Highbank’s SPN aggregate project."
AltaGas plans for an LNG camp – August 24, 2016 by Shannon Lough, The Northern View –http://ow.ly/AKkl303MdNb
AltaGas has applied to have a bylaw amended in Port Edward to allow for zoning of temporary lodging, but it’s not for their proposed Ridley Island proposed propane export project. AltaGas wants the bylaw amended for two parcels of land the company purchased, which is beside two parcels of land that Metlakatla owns.
"We’ve gone into a joint project with Metlakatla. The thought was that the land may be used for possibly a camp or a staging area for a possible LNG project," said Sandra Semple, the senior advisor of communications for AltaGas.
AltaGas proposed Ridley Island Propane Export Terminal Project – Environmental Evaluation Document
In accordance with Section 67 of the Canadian Environmental Assessment Act, a federal environmental assessment of AltaGas’ proposed project, located on Ridley Island near Prince Rupert, is being conduction by federally responsible authorities.
A 30-day public comment period passed on August 19, 2016. The public comment period was an opportunity to provide input and feedback on the proposed terminal project. The public was invited to comment on the Environmental Evaluation Document (EED), a document that contains information about the Project and the results of the environmental assessment. Visit http://www.altagas.ca/our-infrastructure/projects/ridley-island-propane-export-terminal to learn more about the Project and obtain a digital copy of the EED. Copies of the EED are also available at the Port Edward Municipal Office, Prince Rupert City Hall, Public Library and the Prince Rupert Port Authority Interpretive Centre.
Federal Minister expects Pacific NorthWest LNG decision in September – June 4, 2016 by Adam Reaburn, Energetic City.ca –Everything Fort St. John http://ow.ly/z85B303MeaT
Natural Resources Minister Jim Carr in an article posted by the Canadian Press said; "the Liberal government’s decision will likely to be some time after the 15th of September." "I’m making an assumption about when Petronas will put its final papers in to CEAA. I expect those paper soon," Carr told the Canadian Press.
ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD.
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plan and objective for future operations and include, without limitation, statements with respect to the anticipated production from the Swamp Point North Aggregate Project, the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward-looking statements by the use of terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.