TSX - "HBK"
12g3-2(b): 82-1508
August 12, 2008
HIGHBANK CLOSES IRELAND MOLY PROPERTY ACQUISITION AND AMENDS PRIVATE PLACEMENT
Further to the TSX Venture Exchange bulletin dated July 30, 2008, Highbank Resources Ltd. (“HBK”) is pleased to announce it has closed the Mace-Murvey (Moly) property acquisition agreement whereby HBK will acquire 100% interest in the two prospecting licences located in the County of Galway, Republic of Ireland.
Highbank has paid the initial cash payments and issued 1,000,000 common treasury shares to the vendor. The finders fee $25,000 cash payment and 150,000 common shares has also been paid. All common shares issued will have a four month hold period ending December 1, 2008.
PRIVATE PLACEMENT
The Company is amending the non-brokered private placement announced May 9,
2008 as follows. The Company is arranging a non-brokered private placement to
raise up to $375,000 by the sale of 2,500,000 units at $0.15 per unit. Each
unit will consist of one common share and one two year non-transferable share
purchase warrant. One warrant will entitle the holder to purchase one additional
common share of the Company for a period of two years at a price of $0.25 in
the first year and $0.35 per share in the second year.
ON BEHALF OF THE BOARD OF DIRECTORS
“GARY MUSIL”
Gary Musil,
Secretary/Director
Statements contained in this news release contain certain forward-looking
statements and information relating to Highbank’s future plans, timing
of development or potential expansion or improvements. Such forward-looking
statements are subject to risks and uncertainties which could cause actual results
to differ materially from estimated results. Such risks and uncertainties include,
but are not limited to, Highbank’s ability to raise sufficient capital
to fund development, changes in economic conditions or financial markets, changes
in prices for Highbank’s aggregate products, increases in environmental
and other regulatory developments, operational difficulties or inability to
obtain permits encountered in connection with our development activities, and
changing foreign exchange rates.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.