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.
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.
For further information: Jeff Durno, Director, Tel: (604) 609-6110