Skyharbour Closes Oversubscribed $1.82 Million Private Placement
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4 www.skyharbourltd.com
TSX-V Trading Symbol: SYH Telephone: (604) 687-3376 Email: [email protected] Facsimile: (604) 687-3119
December 2nd, 2019
NEWS RELEASE
Skyharbour Closes Oversubscribed $1.82 Million Private Placement
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce it has closed a non-brokered private placement financing for total gross proceeds of CAD $1,823,933.25 (the “Private Placement”). The Company has allotted and issued 7,313,499 units (the “Units”) at a price of CAD $0.15 per Unit and 4,038,380 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-half of 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 $51,225.59 and issued an aggregate 250,837 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 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.
A portion of the Private Placement constitutes a “related party transaction” within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions (“MI 61-101”) adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement.
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% | |||||||||||||||
| U | 3 | O | 8 | over 5.9 metres including 20.8% U | 3 | O | 8 | 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 U | 3 | O | 8 | at 0.03% and 5.3 million | |||||||||||
| pounds of ThO | 2 | 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:
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 Trimble President and CEO
For further information contact myself at:
Telephone: 604-639-3856 Or:
Simon Dyakowski Corporate Development and Communications Skyharbour Resources Ltd.
Telephone: 604-639-3850 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: [email protected]
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.