Skyharbour Resources Ltd. (TSXV: SYH | OTCQB: SYHBF | Frankfurt: SC1P) has closed a non-brokered private placement financing for proceeds of C$6.37M. The private placement was subscribed for by several strategic institutional investors. The funds will be used for various exploration programmes in 2024 including multiple drill programmes throughout the year planned for the company’s co-flagship Russell and Moore Lake uranium projects.
The company has allotted and issued 2.33M flow-through units at C$0.75 each (FT1 units) as well as 6M flow-through units at C$0.77 each (FT2 units) on a charity flow-through basis. The flow-through shares (FT shares) comprising the FT1 Units and the FT2 Units, as defined by the Income Tax Act of Canada, shall qualify for the federal 30% Critical Mineral Exploration Tax Credit.
Each FT1 unit is comprised of one FT share at C$0.75 and one-half of one common share purchase warrant (FT1 unit warrant). Each FT1 unit warrant will entitle the holder to purchase one non-flow through common share for a period of three years at a price of C$0.90 each.
Each FT2 Unit will consist of one FT Share at a price of CAD $0.77 and one common share purchase warrant (FT2 warrant). Each FT2 warrant will entitle the holder to purchase one non-flow through common share for a period of three years at a price of C$0.80 each.
In addition, the company has paid finder’s fees of C$282.8K and issued 420K finder’s warrants to arm’s-length’s parties. Each finder’s warrant is exercisable into one share for a period of up to three years at C$0.80.
The company intends to use the proceeds for exploration and upcoming drilling programmes 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.
For further information, please visit: www.skyharbourltd.com
To read more articles like this, please visit: www.theassay.com
