TSX - "HBK"
12g3-2(b): 82-1508
August 5, 2009
APPOINTMENT
Highbank Resources Ltd. (TSX.V-HBK, the “Company”) is pleased to
announce the appointment of Mr. Bradley L. Jones, CA to the Board of Directors
of HBK.
Mr. Jones received a Bachelor of Arts in Business Administration from Bishop’s University in Lennoxville, Quebec in 1968. From 1968 – 1971 Mr. Jones attended Montreal’s McGill University and was awarded his Chartered Accountant’s designation in 1972. He is a member of the Institute of Chartered Accountants of Ontario. Mr. Jones is also a registered Limited Market Dealer with the Ontario Securities Commission. From 1978 –1990 Mr. Jones was a partner at the accounting firm KPMG with the responsibility for major client engagements and for coordination of the firm’s work in the securities industry. From 1990 –1993 Mr. Jones was a senior member of the Corporate Finance Department of Price Waterhouse Coopers responsible for client advisory services including public and private financings, restructurings, mergers, acquisitions, valuations and related fairness opinions.
In 1996 Mr. Jones was a founder of Stealth Minerals Limited (“TSX.V –
SML”) and as its President, Chairman and Chief Financial Officer was responsible
for the Company’s accumulating one of the largest land holdings in British
Columbia. He also served as President., Chairman and Chief Financial Officer
of Cascadero Copper Corporation (“TSX.V –CCD”) since its Initial
Public Offering in 2004.
Mr. Jones is presently involved in private practice in the corporate finance
field.
Jake Bottay, CEO of Highbank Resources Ltd. welcomes Mr. Jones to the Board
and believes that his experience in the areas of acquisitions and financing
will be of significant value to the Company.
PRIVATE PLACEMENT
Highbank Resources Ltd. is pleased to announce that it has arranged a non-brokered
private placement to raise up to $240,000 through the issuance of 6,000,000
units at $0.04 per unit. Each unit will consist of one common share and one
full 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 $0.10 in the first year and $0.20 per share in the
second year.
The gross proceeds of the financing shall be used to maintain the Company’s
mineral properties, further acquisitions and general working capital.
The Company will pay a finder’s fee or commission of 8% in accordance
with the policies of the TSX Venture Exchange. The private placement is subject
to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
“GARY MUSIL”
Gary Musil,
CFO/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.