07:31:27 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Skyharbour Resources Ltd (3)
Symbol SYH
Shares Issued 85,579,452
Close 2020-08-18 C$ 0.175
Market Cap C$ 14,976,404
Recent Sedar Documents

Skyharbour Resources closes $1.05M financing

2020-08-18 17:52 ET - News Release

Mr. Jordan Trimble reports

SKYHARBOUR CLOSES $1.05 MILLION PRIVATE PLACEMENT WITH A STRATEGIC INSTITUTIONAL INVESTOR

Skyharbour Resources Ltd. has closed a non-brokered private placement financing for total gross proceeds of $1.05-million. The entire financing was subscribed for by one strategic institutional investor.

The company has allotted and issued seven million units at a price of 15 cents per unit. Each unit comprises one common share and one warrant. Each warrant will entitle the holder to purchase one additional common share for a period of three years at a price of 22 cents per share.

In addition, the company has paid a finder's fee of $73,500 and issued an aggregate 490,000 finder's warrants to Red Cloud Securities Inc., an arm's-length party. Each finder's warrant is exercisable into one common share for a period of up to three years at a price of 22 cents.

The company intends to use the proceeds from this private placement for exploration and the upcoming drilling program at the company's flagship Moore uranium project, as well as for general working capital purposes. 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 and thorium exploration projects in the Athabasca basin of Canada 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-per-cent 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 per cent U3O8 over 5.9 metres, including 20.8 per cent 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 per cent of the Preston project through a combined $9.8-million in total exploration expenditures, as well as $1.7-million 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-per-cent interest in the Falcon Point uranium project on the eastern perimeter of the basin, which contains a National Instrument 43-101 inferred resource totalling 7.0 million pounds of U3O8 at 0.03 per cent and 5.3 million pounds of ThO2 at 0.023 per cent. The company's 100-per-cent-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.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.