/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMENATION IN THE UNITED STATES/
TSX Venture: TDC
VANCOUVER, Aug. 14 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC)
(the "Company") and Loewen, Ondaatje, McCutcheon Limited ("Loewen Ondaatje")
have mutually agreed not to pursue the Canadian portion of financing comprised
of flow through shares and associated non-flow through shares previously
announced on July 23, 2007. Tyhee has agreed to proceed with the US portion of
its financing, and has increased this financing up to $4 million under the
same terms and conditions as previously announced on July 23, 2007. A 5% cash
finders fee is payable on funds raised with respect to this placement.
All securities issued in connection with the private placement will be
subject to a minimum four month hold period. 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 corporate purposes. The private placement is subject
to the approval of the TSX Venture Exchange
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 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.
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,