Skyharbour Announces Flow-Through and Non Flow-Through Private Placement
10/6/2009 3:05:15 PM - Market Wire
VANCOUVER, BRITISH COLUMIA, Oct 6, 2009 (Marketwire via COMTEX News Network) --
Skyharbour Resources Ltd. (TSX VENTURE:SYH) (the "Company") announces that it has arranged a non-brokered private placement of up to 6,000,000 units consisting of 3,000,000 flow-through units at a price of $0.07 per unit and 3,000,000 non flow-through units at a price of $0.05 per unit.
Each flow-through unit consists of one flow-through common share and one non-transferable share purchase warrant (the "Warrant"). Each non flow-through unit consists of one non flow-through common share and one Warrant. Each Warrant, for both the flow-through units and the non flow-through units, entitles the holder to purchase a non flow-through common shares (the "warrant shares") of the Company at a price of $0.10 per warrant share for a period of two years from the date of closing of the private placement.
The Company may pay up to a 7.5% finder's fee in cash and/or non-flow-through units in connection with part of this private placement offering.
The Company intends to utilize the proceeds from the private placement on the Company's continuing winter drill program on its Broulan Reef Property located in Red Lake, Ontario.
The private placement is subject to the acceptance of the TSX Venture Exchange.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE district of northwestern Ontario, Canada.
To find out more about Skyharbour Resources Ltd. (TSX VENTURE:SYH), visit the Company's website at www.skyharbourltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT, Director