Skyharbour Resources Ltd. : Skyharbour Closes Non-Brokered Private Placement of $1.25 Million
27 February 2015 - 9:34AM
Skyharbour Resources Ltd. (TSX-V: SYH) (OTC Grey:
SYHBF) (Frankfurt: SC1N) (the "Company") is pleased to announce,
that further to its news releases dated January 29, 2015 and
February 10, 2015, it has closed its non-brokered private placement
to raise gross proceeds of $1,250,263.50. Due to strong response
from investors, the Company increased its non-brokered private
placement financing to $1,250,263.50 from the initially targeted
$500,000 as set out in the Company's news release dated January 29,
2015. The amended financing will be completed through the issuance
of up to 25,005,270 units (the "Units") at a price of $0.05 per
unit. Each Unit consists of one common share and one
non-transferable share purchase warrant ("Warrant"), with each
whole Warrant entitling the holder to purchase one common share for
a period of five years at a price of $0.075 per share.
In connection with the financing, Skyharbour
issued a total of 197,855 finder's warrants to finders (the
"Finder's Warrants") who introduced certain subscribers to the
private placement. The Finder's Warrants are on the same terms as
the Warrants. The Company also paid to finders a cash total of
$9,892.75 in connection with this financing. The Unit Shares and
Warrants issued under the private placement and any shares issued
pursuant to the exercise of the Warrants and Finder's Warrants are
subject to a four month and one day hold period under applicable
securities laws and imposed by the TSX Venture Exchange.
Skyharbour's Uranium Project Portfolio in
the Athabasca Basin:
http://skyharbourltd.com/_resources/maps/SYH_Landpackage_2014_lrg.jpg
Skyharbour intends to utilize the proceeds of
this private placement for the continued exploration of the
Company's uranium projects in the Athabasca Basin and for general
working capital purposes. Skyharbour is planning a winter drill
program at its 100% owned Falcon Point Uranium Project (previously
the Way Lake Project) located 55 km east of the Key Lake Mill,
which will be the Company's first work program on the property
since acquiring it from Denison Mines in the summer of 2014. The
program will focus on diamond drilling high-priority targets
including areas in and around the current uranium/thorium resource
at the JNR Fraser Lakes target.
Falcon Point (Way Lake) Uranium Project
Geophysics Map:
http://skyharbourltd.com/_resources/SYH_Way_Lake_Zones_Map.jpg
Additionally, Skyharbour and the Western
Athabasca Syndicate plan to commence a field program at the Preston
Property in March that will consist of further exploration of
high-priority targets, as well as geophysical and geochemical
surveys to identify new targets. The 246,643 hectare Preston
Uranium Property is the largest individual property proximal to
Fission Uranium's Triple R deposit and the recent discovery made by
NexGen Energy on the Rook-1 Project.
Qualified Person:
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed and approved by Richard
Kusmirski, P.Geo., M.Sc., Skyharbour's Head Technical Advisor and a
Director, as well as a Qualified Person.
About Skyharbour Resources
Ltd.:
Skyharbour Resources Ltd. is a uranium and
thorium exploration company and the operator of the Western
Athabasca Syndicate which controls a large, geologically
prospective land package consisting of five properties in the
Athabasca Basin of Saskatchewan. Skyharbour also owns a 100%
interest in the Falcon Point (formerly Way Lake) Uranium Project on
the east side of the Basin which hosts an NI 43-101 compliant
inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and
5.3 million pounds of ThO2 at 0.023%. The Company owns a 60%
interest in the Mann Lake Uranium project on the east side of the
Basin strategically located 25 km southwest of Cameco's McArthur
River Mine. Skyharbour's goal is to maximize shareholder value
through new mineral discoveries, committed long-term partnerships,
and the advancement of exploration projects in geopolitically
favourable jurisdictions.
To find out more about Skyharbour Resources Ltd.
(TSX-V: SYH) visit the Company's website at
www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Don Myers
Director Skyharbour Resources Ltd. Telephone: 604-687-3376 Toll
Free: 800-567-8181 Facsimile: 604-687-3119 Email:
info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expects, are
forward-looking statements. Although management believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements. The
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to
differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued
availability of capital and financing, and general economic, market
or business conditions. Please see the public filings of the
Company at www.sedar.com for further information.
HUG#1897895
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