TSX - "HBK"
12g3-2(b): 82-1508
May 11, 2007
Further to our news of May 2, 2007, Highbank Resources Ltd. (TSX.V- HBK) is pleased to announce it has arranged a further $750,000 non-brokered private placement by the sale of 3.0 million non flow-through units at $0.25 per unit for a total of 6.0 million units and a total $1.5 million. Each unit will consist of one common share and one full warrant entitling the holder to purchase one additional non flow-through common share of the Company at a price of $0.35 per share in the first year and $0.45 per share in the second year. Additionally please note—should the Company’s common shares trade at or above an average trading price of $0.55 per share for ten consecutive trading days, the Company will have the right to issue a written notice that the unexercised Warrants will expire 30 days from providing such notice. Where applicable a finder’s fee in cash or units of the Company may be payable in connection with this financing, in accordance with the policies of the TSX Venture Exchange.
The Company intends to utilize the proceeds of the private placement for advancement of the environmental impact assessment requirements which is a required component of the development permit application for establishment of a commercial extraction operation of its Swamp Point North –Portland Canal aggregates project, and general working capital.
The Company has granted 350,000 incentive stock options to directors, officers and consultants under its Stock Option Plan for a period of two years at a price of $0.25 per share. All securities issued are subject to regulatory approval and a four-month hold period.
All of the above is subject to TSX Venture Exchange acceptance.
ON BEHALF OF THE BOARD
Gary Musil, CFO/Secretary/Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.