/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TSX Venture: TDC
VANCOUVER, Sept. 12 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC)
(the "Company") today announced the completion of its private placement
through a U.S. brokered Company. The Company raised $2 million through the
issuance of 4,762,000 common shares at a price of $0.42 per common share. The
Company will pay the broker a cash fee equal to 5% of the proceeds of the sale
of the shares. The private placement is subject to the final approval from the
TSX Venture Exchange.
This private placement is in addition to the closings of the Company's
private placements previously announced on September 6, 2007.
Dave Webb reports, "We are pleased to have completed this and the
previously announced financings during a difficult time in the financial
markets. We believe there is a growing appreciation for advanced stage
projects in politically stable environments. The size of our established gold
resource and our track record of expanding this resource, coupled with our
expanded portfolio of exploration projects continues to attract investors."
All securities issued in connection with the private placement are
subject to a four month hold period in Canada which expires on January 7,
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, and for general working capital.
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'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 350,000 ounce
inferred gold resource has been identified on the property as reported June
20, 2007 (News Release S.8 R.11). A full report is available on SEDAR at
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 additional information, please visit the Company's website, www.tyhee.com.
For further information:
For further information: Tyhee Development Corp., David Webb, President
and CEO, Tel: (604) 681-2877, (toll free 1-866-681-2877), email@example.com