/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TSX Venture: TDC
VANCOUVER, Aug. 22 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC)
(the "Company") has re-engaged Loewen, Ondaatje, McCutcheon Limited ("Loewen
Ondaatje") to conduct a brokered private placement to raise, on a best efforts
agency basis, up to $2 million through the issue of up to 4,444,444 common
shares which will be designated as flow through shares (the "Flow Through
Shares") for the purposes of the Income Tax Act (Canada), at a price of $0.45
per Flow Through Share. Loewen Ondaatje has been granted the right to
over-allot the private placement by up to 20% (888,888 Flow Through Shares).
Loewen Ondaatje will be paid a cash commission equal to 7% of the proceeds of
the sale of the Flow Through Shares. In addition, the Company intends to
complete a private placement to raise $1.0 million through the issue of
2,222,222 common shares which will also be designated as flow through shares,
with the Mineralfields Group. The Company will pay a cash finder's fee equal
to 7% of the proceeds of the sale of the shares to First Canadian
Securities(R), a Division of Limited Market Dealer Inc. Closing of these
placements is scheduled to take place on or about August 31, 2007, and is
subject to the completion of subscription agreements with the investors and
the approval of the TSX Venture Exchange.
These private placements are in addition to the Company's private
placement of common shares to raise up to $4.0 million announced August 14,
2007. A 5% cash finders fee is payable on funds raised with respect to this
All securities issued in connection with the private placement will be
subject to a minimum four month hold period. The funds from the private
placements will be used for further exploration and development of the
Company's mineral projects, including the advanced-stage Yellowknife Gold
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 353,000 ounces
inferred gold resource has been identified on the property as reported
June 20, 2007 (News Release S.8 R.11). A full report will be available on
SEDAR in August 2007.
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; The
Equicom Group Inc.: Michael Joyner, Tel: (416) 815-0700 ext 275,