Skyharbour Closes $3.50 Million Private Placement of Flow-Through Units
25 August 2022 - 7:00AM
Skyharbour Resources
Ltd.
(TSX-V: SYH
)
(OTCQB:
SYHBF)
(Frankfurt: SC1P) (the
“Company”) announces
that it has closed a non-brokered private placement financing for
total gross proceeds of CAD $3,500,319.84 (the “Private
Placement”). The Private Placement was subscribed for by two
strategic institutional investors.
Skyharbour has allotted and issued 7,292,333
units (the “Units”) at a price of CAD $0.48 per Unit. Each Unit is
comprised of one flow-through common share and one-half of one
warrant (each whole, a “Warrant”). Each Warrant will entitle the
holder to purchase one non-flow through common share for a period
of three (3) years at a price of CAD $0.65 per share.
In addition, the Company has paid finder’s fees
of $50,016 and issued 104,200 finder’s warrants (the “Finder’s
Warrants”) to an arm’s-length party. Each Finder’s Warrant is
exercisable into one common share for a period of up to three (3)
years at a price of CAD $0.48.
The Company intends to use the proceeds from
this Private Placement for exploration and upcoming drilling
programs. The Private Placement is subject to final TSX Venture
Exchange approval and all securities issued are subject to a
four-month-and-one-day hold period.
About Skyharbour Resources
Ltd.:
Skyharbour holds an extensive portfolio of
uranium exploration projects in Canada's Athabasca Basin and is
well positioned to benefit from improving uranium market
fundamentals with fifteen projects, ten of which are drill-ready,
covering over 450,000 hectares of land. Skyharbour has acquired
from Denison Mines, a large strategic shareholder of the Company, a
100% interest in the Moore Uranium Project which is located 15
kilometres east of Denison's Wheeler River project and 39
kilometres south of Cameco's McArthur River uranium mine. Moore is
an advanced-stage uranium exploration property with high-grade
uranium mineralization at the Maverick Zone that returned drill
results of up to 6.0% U3O8 over 5.9 metres including 20.8%
U3O8 over 1.5 metres at a vertical depth of 265 metres.
Adjacent to the Moore Uranium Project is Skyharbour’s recently
optioned Russell Lake Uranium Project from Rio Tinto, which hosts
historical high-grade drill intercepts over a large property area
with robust exploration upside potential. Furthermore, the Company
owns a 100% interest in the South Falcon Point Uranium Project on
the eastern perimeter of the Basin, which contains a NI 43-101
inferred resource totaling 7.0 million pounds of U3O8 at 0.03%
and 5.3 million pounds of ThO2 at 0.023%. Skyharbour is
actively advancing these projects through exploration and drill
programs.
Skyharbour has a joint-venture with
industry-leader Orano Canada Inc. at the Preston Project whereby
Orano has earned a 51% interest in the project through exploration
expenditures and cash payments. Skyharbour now owns a 24.5%
interest in the Project. Skyharbour also has a joint venture with
Azincourt Energy at the East Preston Project whereby Azincourt has
earned a 70% interest in the project through exploration
expenditures, cash payments and share issuance. Skyharbour now owns
a 15% interest in the Project. Preston and East Preston are large,
geologically prospective properties proximal to Fission Uranium's
Triple R deposit as well as NexGen Energy's Arrow deposit.
Skyharbour has several active option partners
including: ASX-listed Valor Resources on the Hook Lake Uranium
Project whereby Valor can earn-in 80% of the project through CAD
$3,500,000 in exploration expenditures, $475,000 in cash payments
over three years and an initial share issuance; CSE-listed Basin
Uranium Corp. on the Mann Lake Uranium Project whereby Basin
Uranium can earn-in 75% of the project through $4,000,000 in
exploration expenditures, $850,000 in cash payments as well as
share issuances over three years; and CSE-listed Medaro Mining
Corp. on the Yurchison Project whereby Medaro can earn-in an
initial 70% of the project through $5,000,000 in exploration
expenditures, $800,000 in cash payments as well as share issuances
over three years followed by the option to acquire the remaining
30% of the project through a payment of $7,500,000 in cash and
$7,500,000 worth of shares.
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.
Skyharbour’s Uranium Project Map in the
Athabasca
Basin:http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg
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
TrimblePresident and CEO
For further information contact myself or:Riley TrimbleCorporate
Development and CommunicationsSkyharbour Resources Ltd. Telephone:
604-687-3376Toll Free: 800-567-8181Facsimile: 604-687-3119Email:
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.
The securities offered have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any U.S. state securities
laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, United States persons absent
registration or an applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This press release does not constitute an offer to
sell or the solicitation of an offer to buy securities in the
United States, nor in any other jurisdiction.
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, including the Private
Placement. 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, regulatory
approvals, 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.
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