Skyharbour Increases Non-Brokered Private Placement
March 18 2014 - 8:00AM
Marketwired
Skyharbour Increases Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 18, 2014) -
Skyharbour Resources Ltd. (TSX-VENTURE:SYH)(PINKSHEETS:SYHBF)
("Skyharbour") announces that, due to strong response from
investors, the Company has increased its non-brokered private
placement financing to $750,000 from the initially targeted
$500,000 as set out in the Company's news release dated March 7,
2014. The amended financing will be completed through the issuance
of up to 5,000,000 units at a price of $0.15 per unit ("Unit").
Each Unit consists of one common share and one-half of one
non-transferable share purchase warrant ("Warrant"), with each
whole Warrant entitling the holder to purchase one common share for
a period of two years at a price of $0.20 per share.
In connection with the financing, the Company may pay a cash
finder's fee equal to 7.0% of the gross proceeds raised under the
private placement and that number of non-transferable broker
warrants equal to 7.0% of the number of Units sold. Each broker
warrant shall be exercisable into one common share of the Company
for a period of two years at a price of $0.20 per share. All the
securities issuable will be subject to a four-month hold period
from the date of closing. The private placement is subject to the
approval of the TSX Venture Exchange.
The Company intends to utilize the proceeds of this private
placement for the continued exploration of the Company's uranium
projects in the Athabasca Basin and for general working capital
purposes. Skyharbour has already met its first-year work commitment
of $500,000 towards the Western Athabasca Syndicate property
package including the current drill program underway at the Preston
Uranium Project. A portion of the proceeds from this financing will
go towards Skyharbour's remaining $500,000 work commitment on the
project in the upcoming year.
The Syndicate's 246,643 hectare Preston Uranium Property is the
largest land package proximal to Fission Uranium Corp.'s Patterson
Lake South ("PLS") high-grade uranium discovery, as well as the
recent discovery ("Arrow Prospect") made by NexGen Energy on the
Rook 1 Project (see NexGen's news release dated Feb. 19, 2014). The
Syndicate holds title to an extensive and geologically prospective
property package in the southwest Athabasca Basin region including
properties strategically located in all directions around the PLS
and NexGen discoveries.
Investor Relations Agreement:
Skyharbour is pleased to announce that it has retained FronTier
Merchant Capital Group ("FronTier") for Investor Relations
Services. FronTier is an experienced and reputable Investor
Relations group with a home office in Toronto, Canada. FronTier
will assist the Company by increasing market awareness for
Skyharbour by utilizing a number of financial market communications
initiatives. The core of which will be facilitating in-person
introductions for Skyharbour with institutional and retail brokers
and investors in a number of cities across Canada, the US, Europe
and Australasia. FronTier has been retained for a six (6) month
period commencing March 20, 2014 at $5,000 per month plus
applicable taxes and direct expenses. The Agreement is subject to
acceptance of the TSX Venture Exchange.
Amended Red Lake Property Deals:
Skyharbour also announces that it has amended the sale of two of
its properties in the Red Lake district to Cypress Development
Corp. (TSX-VENTURE:CYP). Pursuant to the Company's news release
dated Feb. 18, 2014, Skyharbour will not be proceeding with the
sale of its 100% owned South Bay Copper-Zinc project located in the
Dent, Mitchell and Agnew Townships in northwestern Ontario.
Furthermore, the Company announces that it has amended the terms of
the sale of its 20% interest in the McKenzie Island Gold Project to
Cypress. Under the new terms, in consideration for the 20%
interest, Cypress will pay $25,000 in cash to Skyharbour. The
closing of the sale by Skyharbour is subject to standard
conditions, including regulatory and TSX Venture Exchange
approval.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a uranium exploration company and a
member of the Western Athabasca Syndicate which controls a large,
geologically prospective land package consisting of five properties
(287,130 hectares or 709,513 acres) in the Athabasca Basin of
Saskatchewan. $6,000,000 in combined exploration expenditures over
the next two years is planned on these properties, $5,000,000 of
which is being funded by the three partner companies. Skyharbour
also owns a 60% interest in the Mann Lake Uranium project on the
east side of the Basin strategically located 25 km southwest of
Cameco's McArthur River Mine. The Company has 44.8 million shares
outstanding with insiders owning over 25% of the outstanding
shares. Skyharbour's goal is to maximize shareholder value through
new mineral discoveries, committed long-term partnerships, and the
advancement of exploration projects in geopolitically favourable
jurisdictions.
To find out more about Skyharbour Resources Ltd.
(TSX-VENTURE:SYH)(PINKSHEETS:SYHBF) visit the Company's website at
www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
Jordan Trimble, President and CEO
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expects, are
forward-looking statements. Although management believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements. The
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to
differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued
availability of capital and financing, and general economic, market
or business conditions. Please see the public filings of the
Company at www.sedar.com for further information.
Skyharbour Resources Ltd.Jordan TrimblePresident and
CEO604-687-3376 or Toll Free: 800-567-8181604-687-3119Skyharbour
Resources Ltd.Don MyersDirector604-687-3376 or Toll Free:
800-567-8181604-687-3119info@skyharbourltd.comwww.skyharbourltd.com
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