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Highbank Closes $77,500 FT Private Placement

Press Release

VANCOUVER, B.C. October 17, 2022– Highbank Resources Ltd. (the “Company”) (TSX.V – “HBK”) announces that further to its press release dated September 15, 2022 the Company has received conditional approval and will now apply to the TSX-V to close the flow-through private placement and issue 1,107,144 units at $0.07 for gross proceeds of $77,500.11. Each Unit will consist of one common share of the Company and one-half warrant exercisable at $0.10 for two years. The common shares and warrants will have a hold period of four months + one day from issuance.

The Company has agreed to pay a cash finders fee of $2,400.01 and issue 34,286 warrants exercisable at a price of $0.10 for two years.

Two insiders of the Company subscribed for a total of 320,000 units. As such, their participation constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the units acquired by the insider nor the consideration for the units paid by such insider, exceeds 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the offering as details of the respective participation of such insiders in the offering was unknown at such time.

The Company intends to use the proceeds of the financing for exploration on its Terra Nova, Newfoundland property option.

About Highbank Resources Ltd.

Highbank Resources Ltd. is engaged in the business of acquiring and developing mineral projects located in North America.

  • The Company owns 100% interest in a fully commissioned sand and gravel quarry, more commonly known as the ‘Swamp Point North’ project, approximately 115 km (72 miles) north of the Port of Prince Rupert and 50 km south of the Port of Stewart situated along Portland Canal in northwestern British Columbia. The project has an NI 43-101 compliant, measured and indicated 71,712,043 tonne construction aggregate resource. May 2015 Preliminary Economic Assessment valued the asset at $$24.3M with 8% discount to projected cash flows.
  • The Company recently signed an Option Assignment Agreement to acquire an 80% interest in the Terra Nova Property consisting of 71 claims located 30 km northwest of Port Blandford in central Newfoundland. The project has the potential to host mesothermal gold-polymetallic (Au, Ag, Cu and W) deposits. The property lies within the Gander Zone, which is an area of significant exploration interest.

ON BEHALF OF THE BOARD OF DIRECTORS

“Gary Musil”

Gary Musil, CEO/President

Highbank Resources Ltd.

IBF4

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