VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 12, 2013) - Highbank Resources Ltd. (News - Market indicators)(FRANKFURT:V7O) (the "Company") -
The Company has completed the 1st tranche of the non-brokered private placement for 4,737,500 units at $0.08 per unit for gross proceeds of $379,000. 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 $13,360 and 70,000 warrants. All securities issued under the private placement are subject to a hold period expiring on June 8, 2013.
The Company will use the funds to continue development of the Swamp Point North aggregate project and working capital. The Company continues to receiver further subscriptions and expects to close a 2nd tranche shortly.
On behalf of the Board of Directors of HIGHBANK RESOURCES LTD.
Gary Musil, CFO/Director