/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMENATION IN THE UNITED STATES/
TSX Venture: TDC
VANCOUVER, Sept. 6 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC)
(the "Company") today announced the completion of its 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 paid 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. The Company also wishes to announce the completion of its brokered
private placement through Loewen, Ondaatje, McCutcheon Limited to raise
$2,154,750.30 through the issue of 4,788,334 common shares which will be
designated as flow through shares. The private placement was over subscribed
and Loewen, Ondaatje exercised their right to increase the size of the
offering by 343,890 shares. The Company paid Loewen Ondaatje a cash fee equal
to 7% 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 Company's private placements
previously announced on August 14, 2007 and August 22, 2007, respectively.
"Tyhee was able to raise these funds in spite of recent turbulence in
capital markets," said David Webb, President & CEO, Tyhee Development Corp.
"We believe that investors are increasingly favouring late stage mining
projects with established and growing resources such as our flagship
Yellowknife Gold Project."
All securities issued in connection with the private placement are
subject to a four month hold period in Canada which expires on December 31,
2007 and January 6, 2008 respectively. 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'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 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), firstname.lastname@example.org