Previously Announced Private Placement Closes
Feb 17, 2005
Skyharbour Resources Ltd. reports that it has closed its 1,000,000 unit non-brokered private placement announced by news release dated January 26, 2005. The Company issued 1,000,000 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 until February 16, 2006. In addition, the Company issued 40,000 warrants and paid the sum of $2,000 to Canaccord Capital Corporation as a finder's fee in this transaction. The shares and any shares to be issued upon exercise of the warrants will be subject to a hold period and shall not trade before June 16, 2005.
The Company also announces that it will not continue with its option on the Tomato Lake property, consisting of three claim blocks, located in the McDonough Township, Red Lake Area, Kenora Mining Division. The Company feels that the results of previous exploration are not encouraging enough to warrant further property and option expenditures.
About Skyharbour Resources Ltd.:
Skyharbour Resources is a Canadian gold exploration company that focuses on the acquisitions of and exploration of projects in Northwestern, Ontario. It has options or interests in 7 mineral properties located in the Red Lake greenstone belt.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
DONALD C. HUSTON
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news release.