NEWS HBKHighbank Closes $1.5 Million Financing
Jun 12, 2007 11:22:00 AM
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 12, 2007) - Highbank Resources Ltd. ("HBK") (TSX VENTURE:HBK)(FRANKFURT:V7O) has closed and completed a previously announced financing (see TSX Bulletin dated June 5, 2007), for gross proceeds of $1,500,000. The Company issued 6,000,000 units at a price of $0.25 per unit to 71 placees. Each unit comprises one common share of the Company and one non-transferable two year warrant. Each warrant entitles the holder thereof to purchase one further common share at an exercise price of $0.35 if exercised on or before June 5, 2008 or at $0.45 per share if exercised after June 5,2008 but on or before June 5, 2009, subject to an acceleration provision to be enforced at the option of the Company. Should the Company's common shares trade at or above an average trading price of $0.55 per share for ten consecutive trading days (following the four month hold period), the Company will have the right to issue a written notice that the unexercised warrants will expire 30 days from providing such notice.
All securities issued are subject to a four month hold period expiring October 6, 2007.
The funds are designated for the completion of the Environmental Assessment permitting and further development of the Swamp