TSX - "HBK"
12g3-2(b): 82-1508
April 6, 2010
Highbank Resources Ltd. (TSX.V –HBK), (the “Company”) is arranging a non-brokered private placement to raise up to $1,000,000 through the issuance of 10,000,000 units at $0.10 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 $0.25 per share.
The net proceeds of the financing shall be used for exploration of the Highland Valley property located in the world class Highland Valley copper porphyry district, Kamloops Mining Division of British Columbia, pursuant to an agreement between the Company and Moag Copper Gold Resources Inc. approved by the shareholders of the Company on March 29, 2010. Funds will also be used to maintain the Company’s additional mineral properties, and for 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
“JAKE BOTTAY”
Jake Bottay,
CEO/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.