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
"Jim Pettit"
______________________________
JAMES G. PETTIT
Director
For further information contact myself or:
Don Myers
Skyharbour Resources Ltd.
Director
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
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