Skyharbour Resources Closes Private Placement and Raises Additional Funds through Warrant Exercise for a total of $910,000
01 April 2014 - 8:00AM
Marketwired
Skyharbour Resources Closes Private Placement and Raises Additional
Funds through Warrant Exercise for a total of $910,000
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 31, 2014) -
Skyharbour Resources Ltd. (TSX-VENTURE:SYH) (PINKSHEETS:SYHBF)
(FRANKFURT:SC1N) (the "Company") ("Skyharbour") announces that
further to its news releases dated March 7, 2014 and March 18,
2014, it has closed its non-brokered private placement and has
issued a total of 4,862,294 units (the "Units") at a price of $0.15
per Unit to raise gross proceeds of $729,344. Each Unit consists of
one common share in the capital of the Company ("Unit Shares") and
one-half of one non-transferable common share purchase warrant (a
"Warrant"), each whole Warrant entitling the holder to purchase one
additional common share at a price of $0.20 per share until April
1, 2016.
In connection with the financing, the Company issued a total of
164,918 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 $24,737.65 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 until August 2, 2014 under
applicable securities laws and imposed by the TSX Venture
Exchange.
Skyharbour also announces that 1,814,200 warrants have been
exercised since the beginning of February raising an additional
$181,420 in net proceeds.
The Company intends to utilize the proceeds of this private
placement and warrant exercise for the continued exploration of the
Company's uranium projects in the Athabasca Basin and for general
working capital purposes. Skyharbour has already met its first-year
work commitment of $500,000 towards the Western Athabasca Syndicate
property package including the upcoming drill program at the
Preston Lake uranium project. A portion of the proceeds from this
financing will go towards Skyharbour's remaining $500,000 work
commitment on the project in the upcoming year.
The Syndicate's 246,643 hectare Preston Property is the largest
land package proximal to Fission Uranium Corp.'s Patterson Lake
South ("PLS") high-grade uranium discovery, as well as the recent
discovery ("Arrow Prospect") made by NexGen Energy on the Rook 1
Project (see NexGen's news release dated February 19, 2014). The
Syndicate holds title to an extensive and geologically prospective
property package in the southwest Athabasca Basin region including
properties strategically located in all directions around the PLS
and NexGen discoveries.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a uranium exploration company and a
member of the Western Athabasca Syndicate which controls a large,
geologically prospective land package consisting of five properties
(287,130 hectares or 709,513 acres) in the Athabasca Basin of
Saskatchewan. $6,000,000 in combined exploration expenditures over
the next two years is planned on these properties, $5,000,000 of
which is being funded by the three partner companies. Skyharbour
also 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. The Company has 53.7 million shares
outstanding upon closing of the above private placement with
insiders owning approx. 25% of the outstanding 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.
To find out more about Skyharbour Resources Ltd.
(TSX-VENTURE:SYH) visit the Company's website at
www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
JORDAN TRIMBLE, President and CEO
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.
Skyharbour Resources Ltd.Jordan TrimblePresident and
CEO604-687-3376 or Toll Free: 800-567-8181604-687-3119Skyharbour
Resources Ltd.Don MyersDirector604-687-3376 or Toll Free:
800-567-8181604-687-3119info@skyharbourltd.comwww.skyharbourltd.com
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