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Highbank Resources (TSXV:HBK) announced today that it is arranging a non-brokered private placement to raise up to $500,000 to fund the continuing development of the Swamp Point North aggregate project, located in Northwest British Columbia.
Highbank Resources (TSXV:HBK) announced today that it is arranging a non-brokered private placement to raise up to $500,000 to fund the continuing development of the Swamp Point North aggregate project, located in Northwest British Columbia.
As quoted in the press release:
The company will be issuing up to five million units at 10 cents per unit. Each unit will consist of one common share and one 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 15 cents per share in the first year and 20 cents per share in the second year.
The company will pay a finder’s fee of up to 8 per cent in cash or warrants. The financing will be subject to TSX Venture Exchange acceptance.
The company will use the funds to continue development of the Swamp Point North aggregate project and for working capital. Highbank is continuing its efforts to secure short-term and long-term contracts for its aggregate products. The company has tendered bids relating to LNG (liquefied natural gas) pipeline projects, preliminary infrastructure construction for Petronas LNG, Fairview container terminal expansion, Rio Tinto Alcan-Kitimat terminal extensions and numerous other projects that would require aggregates from December, 2015, to mid-2017. Currently, bids in excess of one million tonnes of various aggregates have been quoted.
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