Skyharbour arranges $500,000 placement

Mar 7, 2014

SKYHARBOUR ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Skyharbour Resources Ltd. has arranged a non-brokered private placement of up to 3,333,333 units at a price of 15 cents per unit to raise gross proceeds of up to $500,000. Each unit consists of one common share and one-half of one non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one common share for a period of two years at a price of 20 cents per share.

The company may pay up to a 7-per-cent finder’s fee, payable in cash or units, in connection with this private placement offering. All the securities issuable will be subject to a four-month hold period from the date of closing. The private placement is subject to the approval of the TSX Venture Exchange.

The company intends to utilize the proceeds of this private placement for the continued exploration of the company’s uranium projects in the Athabasca basin and for general working capital purposes. Skyharbour has already met its first year work commitment of $500,000 toward the western Athabasca syndicate property package including the upcoming drill program at the Preston Lake uranium project. A portion of the proceeds from this financing will go toward Skyharbour’s remaining $500,000 work commitment on the project in the upcoming year.

The syndicate’s 246,643-hectare Preston Lake property is the largest land package proximal to Fission Uranium Corp.’s Patterson Lake South (PLS) high-grade uranium discovery, as well as the recent discovery made by NexGen Energy on the Rook 1 project (see NexGen’s news release dated Feb. 19, 2014). The syndicate holds title to an extensive and geologically prospective property package in the southwest Athabasca basin region including properties strategically located in all directions around the PLS and NexGen discoveries.

http://skyharbourltd.com/news/2014/