Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) (the "Company") announces that, further to its private placement announced by news release dated December 16, 2008, the Company has raised a total of $311,450 by the issuance of a total of 6,229,000 flow-through units in two tranches.
The Company completed a first tranche closing of 4,299,000 flow-through units on December 30, 2008 and closed its second tranche of 1,930,000 flow-through units on January 5, 2009.
The funds raised will be applied to the continuing winter drill program on the Company's 20% owned Broulan Reef gold project located in Red Lake, north-western Ontario. Each FT Unit is at a purchase price of $0.05 per unit and consists of one common flow-through share and one share purchase warrant. Each warrant entitles the holder to purchase one non-flow-through common share of the Company for a period of two years at an exercise price of $0.07 per share in the first year from the date of closing and thereafter at a price of $0.10 per share during the second year. A Finder's fee of $577.50 cash was paid and 78,000 units were issued in connection with the second tranche financing and $3,750 cash was paid in connection with the second tranche financing.
The common shares comprising the units and any shares acquired on exercise of the warrants forming part of a unit will be subject to a four month restriction on re-sale, expiring on May 1, 2009 for the first tranche and May 6, 2009 for the second tranche.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE district of northwestern Ontario, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT
For further information contact myself or:
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
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