2016-02-22 06:25 ET - News Release

Mr. Gary Musil reports

HIGHBANK CLOSES 1st TRANCHE OF PRIVATE PLACEMENT RAISING $20,480

Further to its news release of Feb. 17, 2016, whereby the company proposed a private placement of 1.25 million shares at a price of eight cents per share with 1.25 million transferable warrants attached at a price of 15 cents per share if exercised within the first year and at a price of 20 cents per share if exercised within the second year, Highbank Resources Ltd. has received acceptance for filing by the TSX Venture Exchange to proceed with closing the first tranche.

The company has therefore issued 256,000 units in the first tranche for gross proceeds of $20,480. The company will use the funds to continue development of the Swamp Point North aggregate project and for working capital. The shares and warrants have a hold period until June 19, 2016. No finders' fees were payable.

The company is continuing to receive subscriptions for the balance of the private placement financing, and is expecting to close a second and/or final tranche within the next two weeks.