Skyharbour Announces Upsized Private Placement for Gross Proceeds of up to C$9.5 Million

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VANCOUVER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”) is pleased to announce that, in connection with its previously announced private placement, it has entered into an amended agreement with Haywood Securities Inc. and Red Cloud Securities Inc. as co-lead agents and co-bookrunners (collectively, the “Agents”) to increase the aggregate size of the financing for gross proceeds to the Company of up to C$9,500,000.

The private placement will now include the sale of (i) up to 5,000,000 hard dollar units of the Company (the “Units”) at a price of C$0.40 per Unit for gross proceeds of up to C$2,000,000 (the “Unit Offering”), plus (ii) any combination of the following for total gross proceeds of up to C$7,500,000:

• Charity flow-through shares (the “Charity FT Shares”) at a price per Charity FT Share of C$0.59; and
• Traditional flow-through shares (the “Traditional FT Shares”) at a price per Traditional FT Share of C$0.46 (collectively, the “Flow-Through Offering”, and together with the Unit Offering, the “Offering”).

Each Unit will consist of one common share of the Company (a “Share”) plus one-half of one common share purchase warrant (each whole such warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share (a “Warrant Share”) at an exercise price of C$0.55 for 30 months following the completion of the Offering.

The gross proceeds from the sale of the Charity FT Shares and the Traditional FT Shares will be used by the Company to incur eligible “Canadian exploration expenses” that qualify as “flow-through critical mineral mining expenditures” as both terms are defined in the Income Tax Act (Canada), and will also be used to incur “eligible flow-through mining expenditures” as defined in The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) (collectively, the “Qualifying Expenditures”) related to the Company’s projects in Saskatchewan, on or before December 31, 2025, and to renounce all Qualifying Expenditures in favour of such subscribers effective December 31, 2024. The net proceeds from the sale of Units will be used for the 2025 exploration and drilling programs at the Company’s uranium projects in Saskatchewan, as well as for general working capital purposes.