Skyharbour Closes Non-Brokered Private Placement of $2.6 Million
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
August 2nd, 2018
NEWS RELEASE
Skyharbour Closes Non-Brokered Private Placement of $2.6 Million
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce the closing of a non-brokered private placement
for aggregate gross proceeds of approx. CAD $2.6 million (the “Financing”). The Company now
has over $3.2 million in the treasury and is fully funded for upcoming diamond drill programs at
its flagship Moore Uranium project located on the southeast side of the Athabasca Basin proximal
to regional infrastructure, as well as nearby development projects and producing mines.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
The Financing consisted of 3,712,582 units (the “Units”) at a price of CAD $0.40 per Unit as well
as 2,462,256 flow-through units (the “FT Units”) at a price of CAD $0.45 per FT Unit for combined
total gross proceeds of CAD $2,593,050. Each Unit is comprised of one common share and one
warrant (“Warrant” ). Each whole Warrant will entitle the holder to purchase one additional
common share for two (2) years at a price of CAD $0.60 each. Each FT Unit will be comprised
of one flow-through common share and one-half of one warrant (“Warrant”). Each whole Warrant
will entitle the holder to purchase one additional common share for two (2) years at a price of CAD
$0.60 each.
In connection with the financing, Skyharbour issued a total of 79,097 warrants to finders (the
“Finder’s Warrants”) who introduced certain subscribers to the private placement. Each Finder's
Warrant will entitle the finder to purchase one additional common share for two (2) years at a
price of CAD $0.60 per common share. The Company also paid to finders a total of CAD $40,059
in cash fees associa ted with this financing. The Units, FT Units and Warrants issued under the
private placement and any shares issued pursuant to the exercise of the Warrants and Finder’s
Warrants are subject to a four month and one day hold period , expiring on December 3 rd, 2018,
under applicable securities laws and imposed by the TSX Venture Exchange.
The Company’s President and CEO, Jordan Trimble, stated: “We are pleased to close this
financing with several new institutional and strategic investors. The Company is well positioned
financially with over $3.2 million in its treasury to fund the planned and upcoming exploration
programs at its flagship Moore Uranium Project including the summer 2018 dr ill program slated
to commence this month. Given the previously reported high grade drill results from our previous
programs as well as new and refined targets in the underlying basement rock, the Company is
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excited to recommence drilling. Skyharbour will also benefit from news flow from upcoming
exploration programs being planned with strategic partners Orano Canada Inc. and Azincourt at
the Preston Uranium project. The Company continues to execute on its business model by adding
value to its project base in the Athabasca Basin through focused mineral exploration at its flagship
Moore Uranium Project, as well as utilizing the prospect generator model to advance its other
projects with strategic partners.”
Upcoming Summer 2018 Drill Program Plans:
Skyharbour is planning for a minimum 3,000 metre 2018 summer diamond drilling program slated
to commence in late August. The majority of this drilling will test the high grade Maverick corridor
both above the unconformity and below it in the basement rocks. Skyharbour’s technical team
has recently reinterpreted historical drill results and has identified new high-priority drill targets in
the basement rock at the Maverick corridor below the known high grade mineralization. The
underlying basement feeder zones for the unconformity -hosted high grade uranium at the
Maverick corridor have yet to be discovered and have seen limited drill testing.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada's
Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals
with five drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines, a
large strategic shareholder of the Company, to acquire 100% of the Moore Uranium Project which
is located approx. 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
6.0% U 3O8 over 5.9 metres including 20.8% U 3O8 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% on the Preston Project through a combined
$9,800,000 in total exploration expenditures, as well as $1,700,000 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% interest in the Falcon Point Uranium Project on the eastern perimeter of the Basin which
contains an NI 43 -101 inferred resource totaling 7.0 million pounds of U 3O8 at 0.03% and 5.3
million pounds of ThO2 at 0.023%. The project also hosts a high -grade surface showing with up
to 68% U3O8 in grab samples from a massive pitchblende vein, the source of which has yet to be
discovered. The Company's 100% 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 mineralizatio n 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.
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 Trimble
President and CEO
For further information contact myself or:
Nick Findler
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3850
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Toll Free: 800-567-8181 Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements".
All statements in this release, other than statements of historical facts, that address events or
developments that management of the Company expects, are forward -looking statements.
Although management 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 or developments may differ materially from those in the forward-
looking statements. The Company undertakes no obligation to update these forward -looking
statements if management's beliefs, estimates or opinions, or other factors, should change.
Factors that could cause actual results to differ materially from those in fo rward-looking
statements, include market prices, exploration and development successes, continued availability
of capital and financing, and general economic, market or business conditions. Please see the
public filings of the Company at www.sedar.com for further information.