Highbank closes $90,000 first tranche of financing

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Highbank closes $90,000 first tranche of financing

posted on Jun 17, 2016 10:01AM

2016-06-16 19:07 ET - News Release

Mr. Gary Musil reports

HIGHBANK COMPLETES 1ST TRANCHE OF PRIVATE PLACEMENT FOR $90,000

Further to Highbank Resources Ltd.'s news release of May 11, 2016, whereby the company proposed a private placement of 5.0 million shares at a price of five cents per share, with 5.0 million transferable warrants attached at a price of 10 cents per share if exercised within the first year and at a price of 15 cents per share if exercised within the second year, the company has received acceptance for filing by the TSX Venture Exchange to proceed with closing the first tranche of the financing.

The company has therefore issued 1.8 million units in the first tranche for gross proceed of $90,000. The company will use the funds to continue maintenance of the Swamp Point North aggregate project and for working capital. The shares and warrants have a hold period until Oct. 15, 2016. A finder's fee of $2,000 cash was paid and 24,000 warrants were issued to PI Financial Corp.

The company is continuing to receive subscriptions for the second tranche of the private placement.