Fair Sky Resources Inc.

Fair Sky Resources Inc.

January 09, 2007 11:15 ET

Fair Sky Resources Inc. Completes Non-Brokered Private Placement

CALGARY, ALBERTA--(CCNMatthews - Jan. 9, 2007) -

(Not intended for Dissemination in the United States):

Fair Sky Resources Inc. (TSX VENTURE:FSK) ("Fair Sky" or the "Company") has completed the sale by way of non-brokered private placement of common shares ("Common Shares") and units ("Units") originally announced on October 24, 2006 (the "Offering"). Throughout the Offering, the Company issued an aggregate of 1,735,573 Common Shares on a "flow-through" basis at $3.05 each for gross proceeds of $5,293,497.65 and 74,400 Units comprised of one Common Share and one half of one common share purchase warrant at $2.25 per Unit for gross proceeds of $167,400. Each full warrant ("Warrant") is exercisable for one additional Common Share upon payment of $3.00 until December 29, 2008, subject to earlier expiry in the event the 20 day weighted average trading price of the Common Shares exceeds $4.25. The hold periods for the issued securities will expire on March 21, 2007 (as to 1,648,603 Common Shares), April 29, 2007 (as to 161,371 Common Shares and all Warrants). Proceeds from the Offering will be used to finance Fair Sky's exploration activities in Alberta and Saskatchewan, with the proceeds from the issuance of any Common Shares issued on a "flow-through" basis being entirely used to incur eligible expenditures which will be renounced in favour of subscribers of the flow-through shares effective December 31, 2006.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Fair Sky Resources Inc.
    Tim Kemp
    President, CEO
    (403) 264-5337
    Fair Sky Resources Inc.
    Jasmine Smith
    Sr. Manager, Investor Relations
    (403) 264-5337
    Email: ir@fairskyresources.com