Skyharbour Resources Ltd. Completes $6.37 Million Flow-Through Units Private Placement

Vancouver, BC – December 15, 2023 – Skyharbour Resources Ltd. TSX-V: SYH, OTCQB: SYHBF, Frankfurt: SC1P, a company engaged in the exploration and development of premier uranium projects, has successfully completed a non-brokered private placement ("the Private Placement"). The company issued flow-through units to raise total gross proceeds amounting to CAD $6.37 million. This financial injection is intended to bolster the company’s exploration endeavors.

Understanding Flow-Through Shares

Flow-through shares are a unique Canadian tax incentive mechanism designed to finance resource companies. Investors in flow-through shares can benefit from tax deductions related to the exploration and development expenses transferred from the company. The completion of Skyharbour’s private placement will enable the company to fund its current and future projects, thereby advancing the company's resource development.

Details of the Financing

The private placement wrapped up by Skyharbour comprised the issuance of flow-through units at a price yet to be disclosed, aimed at raising the $6.37 million. The funds are earmarked for Canadian Exploration Expenses (CEE) within the meaning of the Income Tax Act (Canada) reflecting the company's commitment to conducting extensive exploration programs. Investors participating in this private placement include strategic individual investors and institutional entities, showcasing confidence in Skyharbour’s potential to generate value.

Future Projects and Exploration Plans

With a strengthened treasury, Skyharbour is well-positioned to continue its exploration activities. The company has several projects at different stages of development, with a focus on uranium-rich areas. The raised capital ensures that the company can keep up the momentum of its exploration programs, crucial for future growth and resource validation.

Market Impact and Investor Outlook

Following the announcement, investor sentiment appears to be optimistic as the successful funding round underlines the sound financial foundation and potential for significant discoveries by Skyharbour. These developments often translate into a heightened investor interest in the company's stock, and the broader mineral exploration sector benefits from such successes as well.

investment, finance, uranium