Skyharbour Resources
Ltd.
(TSX-V: SYH)
(OTCQB: SYHBF)
(Frankfurt: SC1P) (the
“Company”) is pleased to announce that it has closed a
non-brokered private placement (the “Private Placement”) financing
for total gross proceeds of CAD $6,370,000. The Private Placement
was subscribed for by several strategic institutional investors.
The funds will be used for various exploration programs in 2024
including multiple drill programs throughout the year planned for
the Company’s co-flagship Russell and Moore Lake uranium projects.
The Company has allotted and issued 2,333,334
flow-through units at a price of CAD $0.75 per unit (the “FT1
Units”) as well as 6,000,000 flow-through units at a price of CAD
$0.77 per unit (the "FT2 Units") on a charity flow-through basis.
The flow-through shares of the Company (the “FT Shares”) comprising
the FT1 Units and the FT2 Units, as defined in subsection 66(15) of
the Income Tax Act (Canada)(“ITA”) as presently constituted, shall
qualify for the federal 30% Critical Mineral Exploration Tax
Credit, as defined in subsection 127(9) of the Income Tax Act
(Canada).
Each FT1 Unit is comprised of one FT Share at a
price of CAD $0.75 and one-half of one common share purchase
warrant (each whole, a “FT1 Unit Warrant”). Each FT1 Unit 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 $0.90 per
share.
Each FT2 Unit will consist of one FT Share at a
price of CAD $0.77 and one common share purchase warrant (each a
"FT2 Warrant"). Each FT2 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 $0.80 per share.
In addition, the Company has paid finder’s fees
of $282,800 and issued 420,000 finder’s warrants (the “Finder’s
Warrants”) to arm’s-length’s parties. Each Finder’s Warrant is
exercisable into one common share for a period of up to three (3)
years at a price of CAD $0.80.
The Company intends to use the proceeds from
this Private Placement for exploration and upcoming drilling
programs at its co-flagship Russell and Moore Lake Projects, as
well as at other uranium projects it has ownership interests in
located in the Athabasca Basin. The Private Placement is subject to
final TSX Venture 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 exploration projects in Canada's Athabasca Basin and is
well positioned to benefit from improving uranium market
fundamentals with twenty-four projects, ten of which are
drill-ready, covering over 518,000 hectares (over 1.2 million
acres) 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% U3O8 over 5.9
metres including 20.8% U3O8 over 1.5 metres at a vertical
depth of 265 metres. Adjacent to the Moore Uranium Project is
Skyharbour’s recently optioned Russell Lake Uranium Project from
Rio Tinto, which hosts historical high-grade uranium drill
intercepts over a large property area with robust exploration
upside potential. The Company is actively advancing these projects
through exploration and drill programs.
Skyharbour has joint-ventures with
industry-leader Orano Canada Inc. and Azincourt Energy at the
Preston and East Preston Projects, respectively, whereby Orano and
Azincourt earned majority interests in the projects through
exploration expenditures, cash payments and share issuances.
Skyharbour also has several active earn-in option partners
including: ASX-listed Valor Resources at the Hook Lake Uranium
Project; CSE-listed Basin Uranium Corp. at the Mann Lake Uranium
Project; CSE-listed Medaro Mining Corp. at the Yurchison Project;
Yellow Rocks Energy, a private Australian entity, at the Wallee and
Usam Island projects; North Shore Energy Metals at the South Falcon
Project; and TSX-V listed Tisdale Clean Energy at the South Falcon
East Project which is host to the Fraser Lakes Zone B Uranium and
Thorium Deposit.
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:https://skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_V2A_20230727.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 or:Nicholas
ColturaCorporate Development and CommunicationsSkyharbour Resources
Ltd. Telephone: 604-558-5847Toll 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.
The securities offered have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any U.S. state securities
laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, United States persons absent
registration or an applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This press release does not constitute an offer to
sell or the solicitation of an offer to buy securities in the
United States, nor in any other jurisdiction.
Forward-Looking Information
This news release contains “forward‐looking
information or statements” within the meaning of applicable
securities laws, which may include, without limitation, the
intended use of proceeds from the Private Placement, future
exploration work on the Company’s projects, other statements
relating to the technical, financial and business prospects of the
Company, its projects and other matters. All statements in this
news release, other than statements of historical facts, that
address events or developments that the Company expects to occur,
are forward-looking statements. Although the Company 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 may differ materially from
those in the forward-looking statements. Such statements and
information are based on numerous assumptions regarding present and
future business strategies and the environment in which the Company
will operate in the future, including the price of metals, the
ability to achieve its goals, that general business and economic
conditions will not change in a material adverse manner, that
financing will be available if and when needed and on reasonable
terms. Such forward-looking information reflects the Company’s
views with respect to future events and is subject to risks,
uncertainties and assumptions, including the risks and
uncertainties relating to the interpretation of exploration
results, risks related to the inherent uncertainty of exploration
and cost estimates and the potential for unexpected costs and
expenses, including those filed under the Company’s profile on
SEDAR at www.sedarplus.ca. Factors that could cause actual results
to differ materially from those in forward looking statements
include, but are not limited to, continued availability of capital
and financing and general economic, market or business conditions,
adverse weather or climate conditions, failure to maintain or
obtain all necessary government permits, approvals and
authorizations, failure to maintain or obtain community acceptance
(including First Nations), decrease in the price of uranium and
other metals, increase in costs, litigation, and failure of
counterparties to perform their contractual obligations. The
Company does not undertake to update forward‐looking statements or
forward‐looking information, except as required by law.
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