Skyline Gold Corporation
TSX VENTURE : SK

Skyline Gold Corporation

October 06, 2009 15:57 ET

Skyline Announces Closing of Private Placement

RICHMOND, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2009) - Skyline Gold Corporation ("the Company") (TSX VENTURE:SK) a company engaged in the exploration and development of its Bronson Slope mining property in north western British Columbia's 'Golden Triangle', is pleased to announce that further to our news release of October 1, 2009, the Company has closed a non-brokered private placement of 4,375,000 units at a price of $0.08 per unit for net proceeds of $350,000. The placement is with a significant Canadian institutional fund. The proceeds of the placement will be used for general corporate purposes and to advance the Bronson Slope Project.

Each unit consists of 1 common share and 1 whole common share purchase warrant. Each warrant will entitle the holder to purchase one additional share of the Company at a price of $0.12 per share for a period of one year from date of issue. The units have a hold period that expires 4 months from the date of issue. No finders' fees or commissions are due on the private placement.

The Company has also reached agreement with creditors for a debt for equity exchange totalling $51,858.68 comprising 648,234 units with the same unit structure outlined above subject to securing requisite regulatory approvals.

ON BEHALF OF THE BOARD OF DIRECTORS

SKYLINE GOLD CORPORATION

David Jensen, P.Eng., President

Neither 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.

Contact Information

  • Skyline Gold Corporation
    David Jensen, P.Eng.
    President
    604.270.3878
    604.270.3858 (FAX)
    www.skylinegold.com