Highbank completes $32,000 first tranche of placement

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Highbank completes $32,000 first tranche of placement

posted on Sep 06, 2013 09:41AM

2013-09-05 19:47 ET - News Release

Mr. Gary Musil reports

HIGHBANK ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Highbank Resources Ltd. has closed the first tranche of a private placement as originally announced on July 15, 2013.

The offering consisted of the sale of 400,000 units of the company at a price of eight cents per unit for total gross proceeds of $32,000. Each unit consists of one common share of the company and one share purchase warrant. Each warrant is exercisable into one common share of the company for a period of 24 months from closing at an exercise price of 10 cents in the first year and 12 cents in the second year.

The company paid a cash fee equal to 8 per cent of the gross proceeds raised from the offering or $960.

The funds raised from the issuance of the securities shall be used for continued development of the Swamp Point North aggregate project and for general working capital.

The securities issued will be subject to a four-month hold period expiring Jan. 6, 2014.

As previously announced on July 15, 2013, the company will be proceeding with subsequent closings for an aggregate of three million units at eight cents each.