Skyharbour Closes $3.50 Million Private Placement of Flow-Through Units

Vancouver, BC, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) announces that it has closed a non-brokered private placement financing for total gross proceeds of CAD $3,500,319.84 (the “Private Placement”). The Private Placement was subscribed for by two strategic institutional investors.

Skyharbour has allotted and issued 7,292,333 units (the “Units”) at a price of CAD $0.48 per Unit. Each Unit is comprised of one flow-through common share and one-half of one warrant (each whole, a “Warrant”). Each Warrant will entitle the holder to purchase one non-flow through common share for a period of three (3) years at a price of CAD $0.65 per share. 

In addition, the Company has paid finder’s fees of $50,016 and issued 104,200 finder’s warrants (the “Finder’s Warrants”) to an arm’s-length party. Each Finder’s Warrant is exercisable into one common share for a period of up to three (3) years at a price of CAD $0.48.

The Company intends to use the proceeds from this Private Placement for exploration and upcoming drilling programs. 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 exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are drill-ready, covering over 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% 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 that returned drill results of up to 6.0% U₃O₈ over 5.9 metres including 20.8% U₃O₈ over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U₃O₈ at 0.03% and 5.3 million pounds of ThO₂ at 0.023%. Skyharbour is actively advancing these projects through exploration and drill programs.