/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMENATION IN THE UNITED STATES/
TSX Venture: TDC
VANCOUVER, Dec. 13 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC)
(the "Company") is pleased to announce the completion of its private placement
through Loewen, Ondaatje, McCutcheon Limited ("Loewen Ondaatje"). A total of
9,999,931 common shares designated as flow through shares were sold at a price
of $0.75 per share for gross proceeds of approximately $7.5 million.
Purchasers of the common shares included funds from the MineralFields Group.
The Company paid cash commissions equal to 7% of the proceeds of the sale of
the shares to Loewen Ondaatje. The private placement is subject to the final
approval from the TSX Venture Exchange.
All securities issued in connection with the private placement are
subject to a four month hold period in Canada which expires on April 14, 2008.
The funds from the private placement will be used for further exploration and
development of the Company's mineral projects, including the advanced-stage
Yellowknife Gold Project.
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of the securities in the United States. 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 or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
The Company has also received $1,618,247 from the exercise of 4,095,592
warrants that expire in December 2007 and January 2008.
The Company's principal focus is the development of its Yellowknife Gold
Project. The Yellowknife Gold Project consists of 6,625 hectares (15,481
acres) of mining leases located 90 km (56 miles) north of Yellowknife. The
property hosts several areas of gold mineralization, including the partially
developed Nicholas Lake Gold Zone, the Ormsby Zone and the Bruce Lake Zone. A
1.2 million ounce measured and indicated gold resource plus a 353,000 ounces
inferred gold resource has been identified on the property as reported June
20, 2007 (News Release S.8 R.11). Additional exploration properties within the
Yellowknife Gold Belt, including the Goodwin Lake, Clan Lake, and BigSky
Properties have been acquired and are being assessed.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Tyhee's shares trade on the TSX Venture Exchange under the symbol "TDC".
For further information:
For further information: please visit the Company's website,
www.tyhee.com; Tyhee Development Corp., David Webb, President and CEO, Tel:
(604) 681-2877 (toll free 1-866-681-2877), email@example.com; The Equicom Group
Inc., Michael Joyner, Tel: (416) 815-0700 ext 275, firstname.lastname@example.org