Sky Gold Closes Oversubscribed Financing

Executive Summary

• Sky Gold Corp. closed an oversubscribed, non‑brokered private placement of 23,880,000 units at $0.05 per unit, generating $1.194 M in gross proceeds.
• Proceeds are earmarked to advance the Evening Star project in Nevada and for general working capital.
• The transaction included finders’ fees of $70,400 cash plus 1,688,000 non‑transferable warrants and a related‑party subscription of 1,900,000 units.

Key Details

• Units Issued: 23,880,000 (each unit = 1 common share + ½ transferable warrant).
• Price per Unit: $0.05 → Aggregate Gross Proceeds: $1,194,000.
• Warrant Terms: Each whole warrant allows purchase of one share at $0.08 for a 36‑month period after the closing date.
• Use of Proceeds: Advancement of the Evening Star project (Nevada) and general working capital.
• Finders’ Compensation: $70,400 cash plus 1,688,000 non‑transferable warrants issued to six broker‑dealers; each warrant exercisable at $0.08 per share for 36 months.
• Related‑Party Participation: Senior officers and directors subscribed for 1,900,000 units (treated as a related‑party transaction under MI 61‑101).
• Regulatory Exemptions: Reliance on exemptions from formal valuation (section 5.5(b)) and minority shareholder approval (section 5.7(1)(b)) of MI 61‑101; fair market value deemed < $2.5 M.
• Holding Period: Shares issued are subject to a four‑month hold period per Canadian securities law.

Notable Quotes

(No direct quotes were provided in the release.)