Skyharbour now fully funded for uranium drilling program
The company now has over $3.7 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.
The Financing consisted of 2,452,660 flow-through shares of the company at a price of CAD $0.60 per FT Share as well as 1,258,000 units at a price of CAD $0.50 per Unit for combined total gross proceeds of CAD $2,100,596.
Each Unit purchased will include one common share as well as one-half of a common share purchase warrant.
Each whole Warrant will entitle the holder to purchase one additional common share for two years at a price of CAD $0.75 per common share.
The company plans to use the proceeds to advance the Moore Uranium project through diamond drill programs planned for the summer of 2017 as well as the winter of 2018.
Denison Mines Corp., the company’s largest strategic shareholder, and a reporting insider, subscribed to 400,000 Units, as part of the Financing, for gross proceeds to the company of $200,000.
Accordingly, Denison has acquired an additional 400,000 common shares and 200,000 Warrants of the company.
In connection with the financing, Skyharbour issued a total of 125,922 warrants to finders who introduced certain subscribers to the private placement.
Each Finder's Warrant will entitle the finder to purchase one additional common share for two years at a price of CAD $0.75 per common share. The company also paid to finders a total of CAD$85,248.30 in cash fees associated with this financing.
The FT Shares, 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 under applicable securities laws and imposed by the TSX Venture Exchange.
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