Skygold Ventures Ltd. (TSX VENTURE:SKV) announced today that it has filed a preliminary short form prospectus with securities regulatory authorities in British Columbia, Alberta and Ontario in connection with a proposed public offering (the "Offering") of common shares of the Company for gross proceeds of up to $10 million. The Offering will be conducted on a best efforts agency basis through a syndicate of agents led by National Bank Financial Inc., and including PI Financial Corp. (the "Agents").
The pricing of the Offering will be determined based on market conditions at the time of filing of the final short form prospectus. Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The Company has also granted to the Agents an over-allotment option exercisable, in whole or in part, until the date that is 30 days after the date of closing of the Offering, to sell up to such number of common shares of the Company as is equal to 15% of the total number of shares sold under the Offering for additional gross proceeds of up to $1,500,000.
The Company intends to use the net proceeds of the Offering towards further exploration and analysis of its Spanish Mountain Property and SHG properties, both of which are located in British Columbia, and for working capital and general corporate purposes.
SKYGOLD VENTURES LTD.
Brian Groves, President
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the U.S. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act"), or any state securities laws and may not be offered, sold or delivered within the United States except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Statement Regarding Forward Looking Statements
This news release of Skygold Ventures Ltd. (the "Company") contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding the Company's proposed public offering, including the anticipated amounts to be raised and the use of proceeds. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their respective dates. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, risks related to fluctuations in mineral prices; fluctuations in financial markets; and other risks and uncertainties discussed under the heading "Risk Factors" and elsewhere in the Company's documents filed from time to time with the TSX Venture Exchange and Canadian securities regulators. These statements are based on a number of assumptions, including assumptions regarding general market conditions, the availability of financing for proposed transactions and programs on reasonable terms, and the ability of outside service providers to deliver services in a satisfactory and timely manner. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Skygold Ventures Ltd.
(604) 684-0279 (FAX)
B&D Capital Partners
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR U.S. DISSEMINATION