Skyharbour Resources Receives $1.4 Million from Exercise of Warrants

Rhea-AI Summary

Skyharbour Resources Ltd. (TSX-V: SYH, OTCQB: SYHBF) announced it raised $1,433,300 from the exercise of 5,340,000 share purchase warrants, primarily priced at 27 cents, strengthening its cash reserves for upcoming drill programs at the Moore Lake Uranium Project. The company now has over CAD $5 million available, bolstered by exploration funding from partners including Azincourt and Orano. Skyharbour holds significant uranium projects in Canada's Athabasca Basin, positioning it to leverage improving market conditions.

Positive

• Raised $1,433,300 from the exercise of share purchase warrants.
• Over CAD $5 million in cash available for upcoming drill programs.
• Strong partnerships with Azincourt, Orano, and Valor Resources funding exploration.

Negative

• None.

VANCOUVER, British Columbia, March 04, 2021 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH)   (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) announces that the Company has received an aggregate $1,433,300 from the exercise of share purchase warrants recently. A total of 5,340,000 warrants have been exercised since early January with the majority with a strike price of 27 cents expiring later this year. Skyharbour is fully funded for its upcoming drill programs at its flagship Moore Lake Uranium Project with a total of over CAD $5 million in cash and in shares of partner companies. Partner companies Azincourt, Orano and Valor Resources are funding the bulk of the exploration programs at the Preston, East Preston and Hook Lake (previously North Falcon Point) Projects, respectively.

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 six drill-ready projects covering over 240,000 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. The Company has plans for upcoming drill programs at the project.

Skyharbour has and option agreement with Orano Canada Inc. and a joint venture partnership with Azincourt Energy. Orano can earn-in up to 70% of the Preston Project and Azincourt recently earned in 70% of the East Preston Project through exploration expenditures, cash payments and Azincourt share issuance. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.

The Company owns a 100% interest in the South Falcon 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%. Furthermore, Skyharbour has recently signed a Definitive Agreement with ASX-listed Valor Resources on the Hooke Lake (previously North Falcon Point) Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance.

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/maps/SYH-Athabasca-Map.pdf

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.

SKYHARBOUR RESOURCES LTD.

“Jordan Trimble”
                                        
Jordan Trimble
President and CEO

For further information contact myself or:
Spencer Coulter
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

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.