SOURCE: Highbank Resources Ltd.

Highbank Resources Ltd.

October 02, 2015 21:18 ET

Highbank Closes First Tranche of Private Placement and Updates Pacific Northwest News

TransCanada Corp., Prince Rupert Gas Transmission Project, Eagle Spirit Energy

VANCOUVER, BC--(Marketwired - October 02, 2015) - Highbank Resources Ltd. (TSX VENTURE: HBK) (FRANKFURT: V7O), (the "Company").

Financing:

Further to our news release of September 17, 2015 whereby the Company proposed a private placement of 7.0 million shares at a price of $0.08 per share with 7.0 million warrants attached at a price of $0.15 per share if exercised within the first year and at a price of $0.20 per share if exercised within the second year; the Company has received conditional acceptance by the TSX Venture Exchange (the "Exchange") to proceed.

The Company has therefore issued 2,006,250 units in the first tranche. The shares and warrants have a hold period until February 2, 2016. No insiders, pro groups or over 5% shareholders participated.

The Company is continuing to receive subscriptions for this non-brokered private placement.

Highbank is continuing its efforts to secure short and long-term contracts for its aggregate products. The Company has recently registered our Company and services on the 'Buy B.C. LNG' program site; on 'B.C. Bid' for provincial and municipal projects; and 'Federal tender/procurement Public Works & Govt. Services Canada'. Highbank is monitoring these sites specifically for the opportunity to bid on the $4.4 million Prince Rupert Dam and Water Main Upgrade to be jointly funded by the Province of B.C. and the Federal Government; and the Port Edward road by-pass project. Highbank has also entered into discussions for the road paving project connecting Tuck Inlet Ferry Terminal to Port Simpson/Lax Kw'alaams.

Highbank is pleased to announce we will be exhibiting at our second '2015 International LNG in B.C. Conference' to be held at the Vancouver Convention Centre, October 14-16, 2015 and encourage all interest investors and shareholders to attend.

In the News: Victor N. Bryant, CEO of Highbank comments; "Following are significant developments in Highbank's area of interest, that bode well for the Company's prospects."

Prince Rupert Gas Transmission Signs Project Agreement with Metlakatla First Nation

Marketwired, September 29, 2015 http://ow.ly/SX8UL

TransCanada Corporation announced that its Prince Rupert Gas Transmission Project (PRGT) has signed a Project Agreement with the Metlakatla First Nation, a member of the Coast Tsimshian Nation. The Project Agreement -- the eighth with First Nations along the pipeline route -- outlines financial and other benefits and commitments that will be provided for as long as the project is in service.

PRGT is proposing to design, build, own and operation (subject to required regulatory and commercial approvals) a 900km natural gas pipeline to deliver natural gas from a point near Hudson's Hope to the proposed Pacific NorthWest LNG facility.

Eagle Spirit Energy's Pipeline Plan in Northern B.C. gets backing of First Nations Chiefs

Geoffrey Morgan, Financial Post, September 30, 2015 http://ow.ly/SXbEt

A group of aboriginal chiefs in northern British Columbia declared support for a pipeline corridor that would connect Albertan oil and gas plays with the Pacific in a letter delivered Tuesday to Prime Minister Stephen Harper and the premiers of Alberta, B.C. and Saskatchewan. First Nations along the pipeline recognize the importance of alternative oil export markets to our national economy. The chiefs maintained that Eagle Spirit would consult with First Nations on the design, engineering, constructions and operation of the pipeline and corridor to ensure the project exceeds regulatory requirements.

City of Terrace to Support Natural Gas Pipelines and LNG Terminals

Staff Writer, The Northern View, September 30, 2015 http://ow.ly/SX9hM

Terrace council voted on Monday to write a letter of support to TransCanada endorsing both of its natural gas pipelines and all projects associated with those pipelines, both upstream in Northeastern B.C. where the gas originates and downstream on Lelu Island and near Kitimat where it would be cooled into a liquefied state for export.

The letter was originally withheld until a meeting with the Provincial Minister Responsible for Community Development- Peter Fassbender, at the Union of British Columbia Municipalities annual convention held in Vancouver last week.

Victor N. Bryant, CEO of Highbank Resources Ltd. further comments; "These projects are not without a healthy debate... to be informed of the developments, please follow the links below and in previous news releases."

Lax Kw'alaams First Nation split over location of LNG Terminal

Brent Jang, The Globe and Mail, October 1, 2015 http://ow.ly/SXdBd

A rift has emerged in the Lax Kw'alaams First Nation over Pacific NorthWest LNG's plan to export liquefied natural gas from Lelu Island on B.C.'s northern coast.

The Natives' tools
Lawrence Solomon, Financial Post, October 2, 2015 http://ow.ly/SXdN3

Environmentalists serve native interests well, by extracting maximum profits out of resource developments. In a predictable display of stakeholder democracy and sustainable development, native leaders, environmentalists, governments and industry all participated in a historic breakthrough this week -- an agreement to build a pipeline carrying oil from Alberta through the Rockies and the British Columbia interior to the Pacific Ocean, from where tankers will deliver the oil to China and beyond.

ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD.

"Victor N. Bryant"
Victor N. Bryant,
CEO/President

This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plan and objective for future operations and include, without limitation, statements with respect to the anticipated production from the Swamp Point North Aggregate Project, the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward- looking statements by the use of terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Highbank Resources Ltd.
    Suite 600-625 Howe Street
    Vancouver, B.C. V6C 2T6

    Ph.#604-683-6648
    Email: Highbank@telus.net

    Victor N. Bryant
    CEO/President

    Gary Musil
    CFO/Director