By Laura Lutz
Des Moines, June 12 - Highbank Resources Ltd. closed a private placement of units for C$1.5 million.
The company sold 6 million units to 71 investors for C$0.25 per unit.
Each unit consists of one share and one non-transferable warrant. Each warrant is exercisable for two years, at C$0.35 until June 5, 2008 and at C$0.45 thereafter.
Expiry may be accelerated to 30 days if the average trading price of the company's shares is at least C$0.55 for 10 consecutive trading days at any time more than four months after settlement.
Proceeds will be used to complete permitting and development of the company's Swamp Point Aggregates project and for working capital.
Highbank is a resource exploration company based in Vancouver, B.C.
Issuer: | Highbank Resources Ltd.
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Issue: | Units of one share and one warrant
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Amount: | C$1.5 million
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Units: | 6 million
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Price: | C$0.25
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Warrants: | One per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.35 until June 5, 2008; C$0.45 thereafter
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Pricing date: | June 5
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Settlement date: | June 12
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Stock symbol: | TSX Venture: HBK
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Stock price: | C$0.37 at close June 5
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Stock price: | C$0.40 at close June 11
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