Skyharbour Announces and Closes $600,000 Private Placement of Flow-Through Shares
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2017) - Skyharbour Resources Ltd. (TSX
VENTURE:SYH) (OTCQB:SYHBF) (FRANKFURT:SC1P) (the "Company") announces that it has arranged and closed a
non-brokered private placement of 1,000,000 flow-through shares (the "FT Shares") at a price of CAD $0.60 per FT Share, for total
gross proceeds of CAD $600,000. A strategic, institutional investor subscribed for the full amount of the financing.
Skyharbour intends to utilize the proceeds from this private placement for exploration and diamond drilling at the Moore
Uranium project. The Company is fully funded for multiple 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.
In connection with the financing, Skyharbour issued a total of 70,000 warrants to finders (the "Finder's Warrants") who
introduced certain subscribers to the private placement. Each Finder's Warrant will entitle the finder to purchase one additional
common share for two (2) years at a price of CAD $0.75 per common share. The Company also paid to finders a total of CAD $42,000
in cash fees associated with this financing. The private placement is subject to TSX Venture Exchange approval, and all
securities are subject to a four-month hold period.
Further, the Company announces an amendment to the amount of finders fees paid pursuant to the financing closed on April 18,
2017. The Company issued an aggregate of 127,322 Finder's Warrants and paid a total $85,948.30. Details of the Finder's Warrants
can be found on the Company's news release issued April 18, 2017.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada's Athabasca Basin and is well
positioned to benefit from improving uranium market fundamentals with five drill-ready projects. In July 2016, Skyharbour
acquired an option from Denison Mines to acquire 100% of the Moore Uranium Project which is located 20 kilometres east of
Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River mine. Moore is an advanced stage uranium
exploration property with a high grade uranium zone known as the Maverick Zone with drill results including 21% U3O8 over 1.5
metres at a vertical depth of 265 metres. Skyharbour recently signed an option agreement with AREVA Resources Canada whereby
AREVA can earn in 70% on the Company's Preston Project through $8 million in project consideration. Preston is a large,
geologically prospective property proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. The
Company also owns a 100% interest in the Falcon Point Uranium Project on the eastern perimeter of the Basin which hosts an 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%. The project also
hosts a high grade surface showing with up to 68% U3O8 in grab samples from a massive pitchblende vein, the source of which has
yet to be discovered. The Company's 100% owned Mann Lake Uranium project on the east side of the Basin is strategically located
adjacent to the Mann Lake Joint Venture operated by Cameco, where high-grade uranium mineralization was recently discovered.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the
advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin: http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
To find out more about Skyharbour Resources Ltd. (TSX VENTURE:SYH) visit the Company's website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
Jordan Trimble, President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this
release, other than statements of historical facts, that address events or developments that management of the Company expects,
are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may
differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could
cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and
development successes, continued availability of capital and financing, and general economic, market or business conditions.
Please see the public filings of the Company at www.sedar.com for further
information.