Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) (the "Company") announces that it has arranged a private placement of up to 10,000,000 units consisting of 6,000,000 flow-through units at a price of $0.15 per unit and 4,000,000 non flow-through units at a price of $0.11 per unit.
Each flow-through unit will consist of one flow-through common share and one share purchase warrant which entitles the holder to purchase an additional non flow-through common share at a price of $0.15 per share for a period of one year. Each non flow-through unit will consist of one non flow-through common share and one share purchase warrant which entitles the holder to purchase an additional non flow-through common share at a price of $0.15 per share for a period of one year.
The Company will pay a finder's fee in cash and/or units equal to 7.5% of the private placement. Finder's units will be on the same terms as the subscriber's units.
Skyharbour Resources intends to utilize the proceeds from the private placement for general working capital purposes and to be expended on the Company's planned summer drill programs on its Rainy River, South Bay, and Broulan Reef properties located in Northwestern Ontario.
Click Here for Rainy River Ontario Claims Map
Click Here for Broulan Reef Red Lake, Ontario Map
The private placement is subject to TSX Venture Exchange acceptance.
About Skyharbour Resources Ltd.:
Skyharbour Resources is a mineral exploration company that focuses on the acquisition and exploration of projects in Northwestern, Ontario. The Company has options or interests in 11 gold or base metal properties located in the Red Lake and Rainy River greenstone belt.
ON BEHALF OF THE BOARD OF DIRECTORS
Donald C. Huston
For further information contact myself or:
Skyharbour Resources Ltd.
VP Corporate Communications
Toll Free: 800-567-8181
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.