VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Highbank Resources Ltd. (TSX VENTURE:HBK)(FRANKFURT:V7O) (the "Company"). The Company has completed the 2nd tranche of the non-brokered private placement for 1,707,500 units at $0.08 per unit for gross proceeds of $136,600 with 10 placees. Each unit consists of one common share and one two year transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company for a period of two years at a price of $0.15 per share.
The Company paid finder's fees of 8% cash for a total of $3,488. All securities issued under the 2nd tranche private placement are subject to a hold period expiring on June 28, 2013.
The completion of the 1st and 2nd tranche totals 6,445,000 units for total gross proceeds of $515,600 subscribed by 44 placees of whom the Company welcomes 26 individuals and companies as new investors.
The Company will use the funds to continue development of the Swamp Point North aggregate project and the Company's balance sheet reports a positive working capital.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from registration requirements.
On behalf of the Board of Directors of HIGHBANK RESOURCES LTD.
Gary Musil, CFO/Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Highbank Resources Ltd.
Gary Musil
CFO/Director
(604) 683-6648
(604) 683-1350 (FAX)
highbank@telus.net
www.highbankresources.com
