VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2013) - Highbank Resources Ltd. (News - Market indicators)(FRANKFURT:V7O) (the "Company") - The Company is arranging a non-brokered private placement to raise up to $560,000.
The Company will be issuing up to 7.0 million units at $0.08 per unit. Each unit will consist 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 will pay a finder's fee of up to 8% in cash or warrants. The financing will be subject to TSX Venture Exchange acceptance.
The Company will use the funds to continue development of the Swamp Point North aggregate project and working capital.
The Company has received loans in the aggregate amount of $50,000 from a non-related party. The loans bear interest of 5% per month. In consideration for the loans, the Company has agreed to issue, subject to regulatory approval, an aggregate of 62,500 common shares, at a deemed value of $0.08.
On behalf of the Board of Directors of HIGHBANK RESOURCES LTD.
Gary Musil, CFO/Director