2016-09-27 10:59 ET - News Release

Mr. James Place reports

HIGHBANK COMPLETES 1ST TRANCHE OF PRIVATE PLACEMENT FOR $91,500; AND PACIFIC NORTHWEST LNG PROJECT SET TO GO BEFORE FEDERAL CABINET TODAY

Further to Highbank Resources Ltd.'s news release of Sept. 1, 2016, whereby the company proposed a private placement of two million shares at a price of six cents per share with two 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, Highbank Resources 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 1,525,000 units in the first tranche for gross proceed of $91,500. 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 Jan. 21, 2017. A finder's fee of $960 cash was paid and 16,000 warrants were issued to PI Financial Corp. Finders' fees of $3,120 cash were also paid to two other finders.

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

In the news

• North Montney pipeline gets extension -- Sept. 16, 2016, by Nelson Bennett, Business in Vancouver Mines & Energy
  • Sunset start clause for the pipeline tied to Petronas LNG (liquefied natural gas) project extended from June, 2016, to June, 2017; a critical piece of infrastructure for the $36-billion Pacific NorthWest LNG plant that was supposed to be under construction by now has been granted an extension by the National Energy Board;
  • On Thursday, Sept. 15, 2016, the National Energy Board agreed to extend a sunset clause for the North Montney project; Nova Gas Transmission Ltd., a subsidiary of TransCanada Corp., which would build the Prince Rupert Gas transmission line, now has until June 10, 2017, to begin work.
• Pacific NorthWest LNG project to go before federal cabinet -- Sept. 26, 2016, by Adam Reaburn, Energetic City, Everything Fort St. John
  • Environment Minister Catherine McKenna has a final environmental assessment of the Pacific NorthWest LNG project in hand, with the federal Liberal cabinet set to meet Tuesday in the national capital;
  • A decision from the Liberal government on the proposed project must be made no later than next Monday;
  • When it does, it will mark the first true litmus test of how Prime Minister Justin Trudeau navigates competing interests between environmentalists and first nations concerned with climate change and salmon habitat and pro-development advocates, including the British Columbia government of Christy Clark.