SKYGOLD ANNOUNCES 2.4 MILLION
UNIT FINANCING
Vancouver, BC
– December 12, 2007 – Skygold Ventures Ltd. (TSX-V: SKV) (the “Company”) is
pleased to announce that it will sell to Canadian resident investors on a
non-brokered private placement basis up to 2,400,000 units at a price of $1.30
per unit for to raise gross proceeds of up to $3,120,000. Each unit will
consist of one flow through common share and one-half of one non-transferable
common share purchase warrant. Each whole warrant will entitle the holder
to purchase one non-flow-through common share at a price of $1.75 per share for
a period of 12 months following closing of the offering.
Finders’ fees
payable in cash and/or units and non-transferable finder’s warrants may
be payable in respect of a portion or all of the units sold under the
offering.
The flow-through funds
raised from the sale of the units will be used for general exploration
expenditures on the Company’s Spanish Mountain project and will
constitute Canadian exploration expenses (as defined in the Income Tax Act) that will be renounced
to investors for the 2007 taxation year.
Mr. Fulcher states:
“This funding will ensure a continued aggressive exploration program at
Spanish Mountain through the merger process with Wildrose. Three drills
will continue the exploration at Spanish Mountain in early January 2008 with
plans currently underway to add a fourth drill shortly after start up.”
The offering and the
payment of any finders’ fees thereunder are subject to acceptance for
filing by the TSX Venture Exchange. All securities issued in connection
with this offering will be subject to a four-month hold period in accordance
with securities regulation.
About Skygold:
Skygold is a Vancouver
based resource company that on completion of the merger with Wildrose Resources
Ltd. (see press release dated December 5, 2007) will have a 100% interest in
the Spanish Mountain project as well as five other projects in the Cariboo gold
belt of central British Columbia. The Spanish Mountain project is a large
bulk tonnage, advanced stage, sediment hosted gold deposit. Work is
currently underway on a 43-101 compliant resource estimate which should be
completed in the first quarter of 2008.
Skygold is also quickly
advancing five early stage projects with the potential to host Spanish Mountain
type mineralization. Drill programs are currently being planned for at
least three of the projects in 2008.
On Behalf of the Board,
SKYGOLD VENTURES LTD
Doug Fulcher.
|
Contact: Tim Mikula
|
|
(604) 484-6317
or
|
|
|
President and Chief
Executive Officer
|
B&D Capital Partners
|
|
|
www.skygold.ca
|
(604) 685-6465
|
The TSX Venture
Exchange does not accept responsibility for the adequacy or accuracy of this
release.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release,
other than statements of historical fact, that address events or developments
that the Company expects to occur, are forward-looking statements. Forward-looking
statements are statements that are generally, but not always, identified by the
words "expects", "plans", "anticipates",
"believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that
events or conditions "will", "would", "may",
"could" or "should" occur. In this news release,
predictions about the sale of units under the offering, the completion of the
proposed merger with Wildrose Resources Ltd., the completion of a 43‑101
compliant resource estimate and the completion of drill programs for at least
three projects in 2008 are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from those in the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, and continued availability of
capital and financing and general economic, market or business
conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. The Company undertakes no
obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.