Highbank Proceeding With 3rd Tranche & Oversubscriptions of Financing in the News
B.C. LNG Project Poses Low Risk to Environment
VANCOUVER, BC--(Marketwired - January 18, 2016) - Highbank Resources Ltd. (TSX VENTURE: HBK)(FRANKFURT: V7O), (the "Company").
Financing:
Further to our news release of September 17th, 2015 whereby the Company proposed a private placement of 7.0 million shares at a price of $0.08 per share with 7.0 million warrants attached at a price of $0.15 per share if exercised within the first year and at a price of $0.20 per share if exercised within the second year; the Company is increasing the private placement from 7.0 million to 8.0 million units.
On October 2, 2015 the Company confirmed closing of the 1st tranche of 2,006,250 units and on January 12, 2016 announced the completion of the 2nd tranche of 4,380,000 units for a total of 6,386,250 units to date.
The Company is continuing to receive subscriptions for this non-brokered private placement and is expecting to close the 3rd tranche of 1,613,750 units shortly. The Company will pay a finder's fee of up to 8% in cash or warrants. The Company will use the funds to continue development of Swamp Point North aggregate project and for working capital.
The 3rd tranche is subject to TSX Venture Exchange approval.
In the News:
B.C. LNG project poses low risk to environment, federal scientists say
By Brent Jang, The Globe and Mail -- January 17, 2016 -- http://ow.ly/XeBx2
Federal scientists say a proposal to export liquefied natural gas from British Columbia poses a low risk to the environment, a crucial ruling that sides with Pacific NorthWest LNG's (Petronas) contention that its project won't ruin an ecologically sensitive site.
"The effects of the marine structure on fish and fish habitat have been categorized as having a low potential of resulting in significant adverse effects, "Fisheries and Oceans Canada said in a letter last week to the Canadian Environmental Assessment Agency (CEAA).
ON BEHALF OF THE BOARD OF DIRECTORS OF Highbank Resources Ltd.
"Gary Musil"
Gary Musil,
CFO/Director
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plan and objective for future operations and include, without limitation, statements with respect to the anticipated production from the Swamp Point North Aggregate Project , the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward-looking statements by the use of terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.
Neither the 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.