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Skeena Raises $3 Million in Private Placement Financing
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Skeena Resources Limited (TSX.V: SKE) has completed the private
placement financing announced in the Company's news release of May
29th, 2007. Gross proceeds of $3,032,800 have been realized from the
sale of 7,582,000 units. Each unit was sold at a price of $0.40 and
consists of one common share and one half of one share purchase
warrant. Each full warrant will be exercisable into one common share of
the Company at an exercise price of 75 cents per share for a period of
two years from the closing date. Subsequent to the expiry of the
initial four-month hold period, the expiry of the warrants may be
reduced, upon notice to holders and at the election of the Company, if
the shares trade at a price equal to or greater than $1.00 per share
for 20 consecutive trading days. If this condition is met and the
Company so elects, the exercise period will be reduced to 25 business
days from the date notice is provided by the Company to the warrant
holders.
This financing is subject to regulatory approval. Finders' fees of
$131,446 and 277,865 brokers' warrants (exercisable at 75 cents per
share for a period of one year) will be paid to accredited agents on
that portion of the funds raised by third parties. The shares issued
under this offering are subject to a hold period of four months plus
one day. The funds will be directed to advancing the recently optioned
Malpica copper-gold project east of Mazatlan in Sinaloa State, Mexico
(refer to the Company's news release dated May 8, 2007), to the
potential acquisition of new assets, and to general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SKEENA RESOURCES LIMITED
"Rupert Allan"
J. R. Allan, P.Geol., President
Cautionary Statement on Forward-Looking Information.
The statements made in this News Release may contain certain
forward-looking statements. Actual events or results may differ from
the Company's expectations. Certain risk factors may also affect the
actual results achieved by the Company. The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
For Further Information Contact: Rupert Allan or Tony Perri -- Investor
Relations, Manager Suite 611, 675 W. Hastings St. Vancouver, B.C.,
Canada V6B 1N2 Tel: (604) 684-8725 Fax: (604) 669-2543 Email:
tperri@skeenaresources.com
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Copyright (c) 2007 SKEENA RESOURCES LTD. (SKE) All rights reserved.
For more information visit our website at
http://www.skeenaresources.com/ or send mailto:info@skeenaresources.com
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