Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (the "Company") announces that further to its news release dated October 6, 2009, it has issued a total of 3,000,000 non flow-through units at a price of $0.05 per unit and issued a further 2,025,000 flow-through units, as a first tranche closing, at a price of $0.07 per unit to raise total proceeds of $291,750.
Each non flow-through unit consists of one non flow-through common share and one Warrant. Each flow-through unit consists of one flow-through common share and one non-transferable share purchase warrant (the "Warrant"). Each Warrant, for both the flow-through units and the non flow-through units, entitles the holder to purchase a non flow-through common share of the Company at a price of $0.10 per warrant share until October 30, 2011.
The Company paid 7.5% cash finder's fee of $4575 in connection with this private placement.
The common shares and warrants issued under the private placement and any common shares issued pursuant to the exercise of the warrants are subject to a four month hold period under applicable securities laws and imposed by the TSX Venture Exchange expiring March 1, 2010.
The Company intends to utilize the proceeds from the private placement on the Company's continuing winter drill program on its 20% owned Broulan Reef Gold property located in Red Lake, northwestern Ontario.
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
DONALD G. MYERS
For further information contact myself:
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.