Vancouver, BC, Dec. 29, 2021 (GLOBE NEWSWIRE) — Skyharbour Resources Ltd . (TSX-V: SYH )
(OTC QB : SYHBF )
SC1P ) (the “ Company ” or “Skyharbour” ) is pleased to announce it has closed its non-brokered private placement financing for total gross proceeds of CAD $500,000 (the “Private Placement”). The majority of this smaller financing was led by insider participation with an independent director providing the lead order.
Skyharbour has allotted and issued 1,000,000 units (the “Units”) at a price of CAD $0.50 per Unit. Each Unit is comprised of one flow-through common share and one-half of one warrant (each whole, a “Warrant”). Each Warrant will entitle the holder to purchase one non-flow through common share for a period of three (3) years at a price of CAD $0.75 per share.
The Company intends to use the proceeds from this Private Placement for exploration and upcoming drilling programs. The flow-through shares issued in connection with the Private Placement are subject to a statutory hold period of four months in accordance with applicable Canadian securities legislation. No finder’s fees were paid.
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 exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fourteen projects, nine of which are drill-ready, covering over 385,000 hectares of land. 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 that returned drill results of 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. The Company is actively advancing the project through drill programs.
Source: FInancial Post