SYH: TSX.V   $0.45 (+1.12%)
OTCQX: SYHBF  $0.33 (+1.98%)
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SYH: TSX.V   $0.45 (+1.12%)
OTCQX: SYHBF  $0.33 (+1.98%)
SC1P: FRA   $0.29 (+2.27%)

News

Private Placement Closes

Dec 21, 2005

Skyharbour Resources Ltd. announces that it has closed its 7,000,000 unit non-brokered private placement announced by news release dated November 7, 2005. The Company issued a total 7,000,000 units at a price of $0.05 per unit. Each unit consists of one share and one share purchase warrant which entitles the holder to purchase an additional share of the Company at a price of $0.10 per share for a period of one year from the date of issuance.

The Company closed the private placement in two tranches. The first tranche of 5,900,000 shares and any shares to be issued upon exercise of the 5,900,000 share purchase warrants are subject to a hold period and shall not trade before March 30, 2006. The 5,900,000 warrants expire November 29, 2006. The second tranche of 1,100,000 shares and any shares to be issued upon exercise of the 1,100,000 share purchase warrants are subject to a hold period and shall not trade before April 20, 2006. The 1,100,00 warrants expire on December 19, 2006.

In addition, the Company paid the sum of $17,500 and issued 350,000 warrants as a finder's fee in connection with the first tranche and paid the sum of $2,750 and issued 55,000 warrants in connection with the second tranche closing. The exercise price, hold period, and expiration of the finder's fee warrants have the same terms as the private placement warrants above.

Skyharbour Resources will use part of this financing to commence its January 2006 diamond drill program on its McKenzie Island property located in the Red Lake gold camp of northwestern Ontario.

Click Here For Drill Location Map

About Skyharbour Resources Ltd.:

Skyharbour Resources is a mineral exploration company that focuses on the acquisitions of and exploration of gold projects in Northwestern, Ontario. It has options or interests in 5 mineral properties located in the Red Lake gold camp.

ON BEHALF OF THE BOARD OF DIRECTORS

"Jim Pettit"

James G. Pettit
Director

For further information contact myself or:
Don Myers
Skyharbour Resources Ltd.
VP Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

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.