On September 6, 2022, Highbank Resources Ltd. closed the transaction. The company has issued 3,300,000 units for proceeds of CAD 165,000 in its second and final tranche closing. The company has issued a total of 6,300,000 units and raised a total of CAD 315,000 in the transaction.

The second tranche represents an oversubscription of 300,000 units. The transaction included participation from 15 placees, one insider of the company for 100,000 units, total existing insider involvement for 1,700,000 shares (three placees) and total pro group involvement for 700,000 shares (one placee). The company has agreed to pay cash finders' fees of CAD 12,800 and issue 256,000 finder warrants exercisable at a price of CAD 0.075 in the first year and CAD 0.10 in the second year.

The TSX Venture Exchange has approved to close a second tranche of its private placement. The TSX Venture Exchange has accepted for filing documentation with respect to anon-brokered private placement.