Skybridge Development to Complete Non-Brokered Private Placement
23 Septiembre 2008 - 8:53AM
Marketwired
SKYBRIDGE DEVELOPMENT CORP (TSX-V: SBD) announces that it will
complete a non-brokered private placement to sell up to 2,500,000
units ("Units") at a price of $0.30 per Unit and up to 1,250,000
flow through shares (the "Flow-Through Shares") at a price of $0.35
per Flow-Through Share for aggregate gross proceeds of
approximately C$1,187,500.
Each Unit will consist of one common share and one whole
non-transferable share purchase warrant. Each share purchase
warrant will entitle the holder to acquire one additional common
share of Skybridge for $0.55 at any time up to eighteen months from
the date of closing. The warrants are subject to a 30 day, reduced
exercise period in the event that Skybridge's share price closes
above $0.55 for a period of 20 consecutive trading days. The
proceeds of this private placement will be used for funding
exploration on the Company's Canadian properties and for general
corporate purposes.
The Company shall, pursuant to the provisions in the Income Tax
Act (Canada), incur Canadian Exploration Expenses (the "Qualifying
Expenditures") after the Closing Date for the issue of the
Flow-Through Shares and prior to December 31, 2009 in the aggregate
amount of not less than the total amount of the gross proceeds
raised from the issue of Flow-Through Shares. The Company shall
renounce the Qualifying Expenditures so incurred to the purchasers
of the Flow-Through Shares such that C$0.35 per Flow-Through Share
shall be deductible against the income of the Flow-Through Share
subscribers for the fiscal year ended December 31, 2008.
On closing, the company will pay a finder's fee of up to 5% on a
portion of the gross proceeds of the offering and finders' warrants
equal to 5% of the total number of Units sold through certain
finders. Each finders' warrant entitles the holder to purchase one
common share of the company at a price of $0.30 per common share,
exercisable for one year from the closing date. The private
placement remains subject to TSX approval. The securities issued in
this private placement are subject to a four month hold period from
the date of closing in compliance with applicable securities
legislation.
Skybridge Development Corp. is a Canadian-based mineral
exploration and development company that recently completed a Phase
1 3600m drill program at its high grade copper Blue Caribou Project
in Nunavut Territory, Canada. The Company may also acquire other
mineral projects and has an experienced management team to advance
its business objective of developing mineable mineral
resources.
For further information, please review the Skybridge website at
www.skybridgedevelopment.com
ON BEHALF OF THE BOARD OF DIRECTORS
Abraham Drost, P.Geo. President
info@skybridgedevelopment.com
401-1113 Jade Court Thunder Bay, ON Canada P7B-6M7
Ph: 807-345-3306 or (807) 766-3401.
This news release contains certain forward-looking statements.
These forward-looking statements are subject to a variety of risks
and uncertainties beyond the ability of Skybridge to control or
predict, which could cause actual events or results to differ
materially from those anticipated in such forward-looking
statements, including risks disclosed in filings with the Canadian
securities regulators made by Skybridge. Accordingly, readers
should not place undue reliance on forward-looking statements.
These securities have not been registered under the United
States Securities Act of 1933, as amended, or any state securities
laws, and may not be offered or sold in the United States or to
U.S. persons, unless registered or exempt therefrom.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Shares Issued: 16,263,970
Distributed by Filing Services Canada and retransmitted by
Marketwire
For further information: Skybridge Development Corp.
www.skybridgedevelopment.com 401-1113 Jade Court Thunder Bay, ON
Canada P7B-6M7 Ph: 807-345-3306 or (807) 766-3401
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