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TSX Venture: TDC
VANCOUVER, Feb. 16 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC) today announced that, subject to Exchange approval, it has agreed to issue up to 21,030,000 units by way of a private placement to raise up to $3,154,500. Subscribers have agreed to surrender a share purchase warrant issued during a previous placement which is exercisable at $0.15 and expiring July 15 2011 for cancellation, and pay $0.15 cash for each unit subscribed to. All securities issued will be subject to a minimum four month hold period.
Nine of the twelve holders of these warrants, including all of the insiders have notified the Company of their desire to participate. Each unit issued will consist of one common share and one half a share purchase warrant. Each full warrant will be exercisable prior to July 15, 2011 at $0.25.
The warrants to be presented for cancellation are currently in the money by $0.07 as of yesterday's close ($0.22).
Tyhee Development Corp. is a gold exploration and development company working in the historic Yellowknife Gold Camp, NWT, Canada. It is the largest property holder in this camp and has the largest exploration and development program underway in the region. Its principal asset is the Yellowknife Gold Project which includes the Nicholas Lake and Ormsby Gold Zones, the Goodwin Lake Zone (13 km south of the Ormsby Zone), and the Clan Lake Zone (27 km south of the Ormsby Zone). All are located on mineral claims and mining leases 50 to 90 km north of Yellowknife, NWT. A Preliminary Feasibility Study was initiated in 2009 and will be completed by the end of June, 2010. Permits to develop and mine the deposits have been submitted to the Mackenzie Valley Land and Water Board. (Note: only Nicholas Lake and Ormsby Zones have been included for permitting purposes).
Tyhee's shares trade on the TSX Venture Exchange under the symbol "TDC".
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither the 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.
SOURCE Tyhee Gold Corp.
For further information: For further information: Tyhee Development Corp., David Webb, President and CEO, Tel: (604) 681-2877, firstname.lastname@example.org; Envoy Strategic Partners, Jay Bedard, Tel: (416) 977-7778, email@example.com