Sky Gold closes $1.19-million private placement

Mr. Mike England reports SKY GOLD CLOSES OVERSUBSCRIBED FINANCING Sky Gold Corp. has closed the oversubscribed non-brokered private placement. The company issued 23.88 million units at a price of five cents per unit for aggregate gross proceeds of $1,194,000. Each unit is composed of one common share and one-half transferable common share purchase warrant of the company. Each whole warrant will entitle the subscriber to purchase one warrant share for a 36-month period after the closing date at an exercise price of eight cents per share. Proceeds raised will be used for advancing the company's Evening Star project in Nevada as well as for general working capital. In connection with the closing of the non-brokered private placement, the company paid total finders' fees of $70,400 in cash and 1,688,000 non-transferable finders' warrants to Haywood Securities Inc., Canaccord Genuity Corp., Ventum Financial Corp., Sherbrooke Street Capital (SSC) Inc., Stephen Avenue Securities Inc. and Highgate Group Inc. Each finder's warrant will entitle the finder to purchase one warrant share of the company for a 36-month period after the closing date at an exercise price of eight cents per share. A senior officer and directors of the company have subscribed for an aggregate of 1.9 million units as part of the private placement, which participation constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) and Policy 5.9 of the TSX Venture Exchange. The corporation is relying on the exemption for a formal valuation under Section 5.5(b) of MI 61-101 (trading on the TSX-V), and on the exemption for minority shareholder approval under Section 5.7(1)(b) of MI 61-101 (fair market value of less than $2.5-million). Shares issued pursuant to the financing will be subject to a four-month hold period according to applicable securities laws of Canada. About Sky Gold Corp. Sky Gold is a junior mining exploration company focused on the Evening Star property located in the prolific Walker Lane trend, approximately 16 kilometres (10 miles) east of the town of Hawthorne, Nev.