Skyharbour Announces and Closes $1.68 Million Private Placement
April 30 2020 - 5:00PM
Skyharbour Resources
Ltd. (TSX-V:
SYH)
(OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to
announce it has arranged and closed a non-brokered private
placement financing for total gross proceeds of CAD $1,678,799.86
(the “
Private Placement”). The bulk of the
financing was subscribed for by strategic and institutional
investors.
The Company has allotted and issued 5,358,666
units (the “Units”) at a price of CAD $0.15 per
Unit and 4,861,111 flow-through units (the “FT
Units”) at a price of CAD $0.18 per FT Unit. Each Unit is
comprised of one common share and one warrant (“Warrant”). Each FT
Unit is comprised of one flow-through common share and one Warrant.
Each Warrant will entitle the holder to purchase one additional
common share for a period of three (3) years at a price of CAD
$0.22 per share.
In addition, the Company has paid finder’s fees
totaling $63,858 and issued an aggregate 335,587 finder’s warrants
(the “Finders Warrants”) to arm’s-length parties.
Each Finders Warrant is exercisable into one common share for a
period of up to three (3) years at a price of CAD $0.22.
The Company intends to use the proceeds from
this Private Placement for exploration and upcoming drilling
programs as well as for general working capital purposes. The
Private Placement is subject to final TSX Venture Exchange
(“Exchange”) approval and all securities issued are subject to a
four-month-and-one-day hold period.
About Skyharbour Resources
Ltd.:
Skyharbour holds an extensive portfolio of
uranium and thorium exploration projects in Canada's Athabasca
Basin and is well positioned to benefit from improving uranium
market fundamentals with six drill-ready projects. Skyharbour has
acquired from Denison Mines, a large strategic shareholder of the
Company, a 100% interest in the Moore Uranium Project which is
located 15 kilometres east of Denison's Wheeler River project and
39 kilometres south of Cameco's McArthur River uranium mine. Moore
is an advanced stage uranium exploration property with high grade
uranium mineralization at the Maverick Zone with drill results
returning up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over
1.5 metres at a vertical depth of 265 metres. Skyharbour has signed
option agreements with Orano Canada Inc. and Azincourt Energy
whereby Orano and Azincourt can earn in up to 70% of the Preston
Project through a combined $9,800,000 in total exploration
expenditures, as well as $1,700,000 in total cash payments and
Azincourt shares. Preston is a large, geologically prospective
property proximal to Fission Uranium's Triple R deposit as well as
NexGen Energy's Arrow deposit. The Company also owns a 100%
interest in the Falcon Point Uranium Project on the eastern
perimeter of the Basin which contains a NI 43-101 inferred resource
totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds
of ThO2 at 0.023%. The Company's 100% owned Mann Lake Uranium
project on the east side of the Basin is strategically located
adjacent to the Mann Lake Joint Venture operated by Cameco, where
high-grade uranium mineralization was recently discovered.
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.
Skyharbour’s Uranium Project Map in the
Athabasca Basin:
http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
To find out more about Skyharbour Resources Ltd.
(TSX-V: SYH) visit the Company’s website
at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan
Trimble”
Jordan TrimblePresident and CEO
For further information contact myself
at:Telephone: 604-639-3856Or:Simon DyakowskiCorporate Development
and CommunicationsSkyharbour Resources Ltd. Telephone:
604-639-3850Toll Free: 800-567-8181Facsimile: 604-687-3119Email:
info@skyharbourltd.com
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.
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