On October 17, 2022, Highbank Resources Ltd. closed the transaction. The company has issued 1,107,144 units at a price of CAD 0.07 for gross proceeds of CAD 77,500.11. The company will issue 553,572 share purchase warrants to purchase 553,572 shares.

The warrants will be exercisable at a price of CAD 0.10 per share for a two-year period. The transaction included participation from six placees, two insiders of the company for a total of 320,000 units. The company has agreed to pay a cash finders fee of CAD 2,400.01 and issue 34,286 warrants.

The company has received conditional approval and will now apply to the TSX-Venture Exchange. The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement.