TSXV: SYR.H
VANCOUVER, Sept. 24, 2015 /CNW/ - Sky Ridge Resources
Ltd. (the "Company") (TSXV: SYR.H) announces that further to
its news release dated August 31,
2015, it has closed its non-brokered private placement of
6,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $300,000 (the "Private Placement"). Each
Unit consists of one common share in the capital of the Company (a
"Common Share") and one common share purchase warrant (a
"Warrant"). Each Warrant is exercisable into one
Common Share at an exercise price of $0.06 until September 24,
2016. The securities issued in connection with the Private
Placement are subject to a hold period of four months and a day
expiring on January 25, 2016.
Proceeds will be used for general working capital and for
continuing to research opportunities in the natural resources
sector.
The Company also announces that pursuant to the Private
Placement, Fiore Financial Corporation ("Fiore") (a company
owned and controlled by Frank
Giustra) acquired ownership of 2,200,000 Units which Units
are comprised of 2,200,000 Common Shares representing approximately
14.17% of the issued and outstanding Common Shares of the Company
and 2,200,000 Warrants representing approximately 36.67% of the
issued and outstanding warrants of the Company. As a
result of the acquisition of securities described above,
Frank Giustra, The Radcliffe
Foundation (a charitable organization controlled by Frank Giustra), Radcliffe Corporation (a company
owned and controlled by Frank
Giustra), and Fiore own in aggregate, 3,761,109 Common
Shares representing approximately 24.22% of the current issued and
outstanding Common Shares of the Company and would own 5,961,109
Common Shares, representing approximately 33.63% on a partially
diluted basis, assuming the exercise of the 2,200,000 Warrants held
by Fiore.
The Company has also been advised that pursuant to the Private
Placement, Brian Paes-Braga acquired
1,800,000 Units which Units are comprised of 1,800,000 Common
Shares, representing approximately 11.59% of the issued and
outstanding Common Shares of the Company and 1,800,000 Warrants
representing approximately 30.00% of the issued and outstanding
warrants of the Company. If Mr. Paes-Braga exercises the 1,800,000
Warrants, he would own approximately 20.78% of the issued and
outstanding Common Shares of the Company on a partially diluted
basis.
The Company has been advised that Frank
Giustra and his related entities, and Brian Paes-Braga have acquired these securities
for investment purposes and have no present intention to acquire
further securities of the Company, although they may in the future
acquire or dispose of securities of the Company, through the
market, privately or otherwise, as circumstances or market
conditions warrant. Fiore and Mr. Paes-Braga each relied on section
2.3 of National Instrument 45-106 in connection with the issuance
of the Units.
ON BEHALF OF THE BOARD OF DIRECTORS
OF SKY RIDGE RESOURCES LTD.
"JEFF DURNO"
DIRECTOR
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This new release may contain forward-looking
statements. These statements are based on current
expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of
factors discussed in the management discussion and analysis section
of our interim and most recent annual financial statement or other
reports and filings with the TSX Venture Exchange and applicable
Canadian securities regulations. We do not assume any
obligation to update any forward-looking statements.
SOURCE Sky Ridge Resources Ltd.