Fair Sky Resources Inc.
TSX VENTURE : FSK

Fair Sky Resources Inc.

November 21, 2006 13:24 ET

Fair Sky Resources Inc. Announces $9 Million Private Placement, Closes on First $5 Million

CALGARY, ALBERTA--(CCNMatthews - Nov. 21, 2006) -

(Not intended for Dissemination in the United States)

Fair Sky Resources Inc. (TSX VENTURE:FSK) has completed the sale of 1,648,603 common shares issued on a flow-through basis at $3.05 per share for gross proceeds of $5,028,239.15. The private placement was non-brokered. The hold period on the subject shares will expire on March 21, 2007. Fair Sky intends to continue to market, to accredited and other qualified investors, up to a further 1,351,397 common shares on the same terms, for an aggregate offering of up to 3 million common shares at $3.05 per share on a flow through basis for gross proceeds to Fair Sky of $9,150,000.

Proceeds from the offering will be used to finance Fair Sky's exploration activities in Alberta and Saskatchewan. The proceeds from the issuance of the flow-through shares will be used to incur eligible Canadian exploration expenses which will be renounced in favour of subscribers of the flow-through shares on or before December 31, 2006.

Fair Sky is presently in the process of licensing 3 wells in the Carbondale area of Alberta and up to 6 wells in Central Saskatchewan, with drilling expected to commence in early December 2006. At Boundary Lake, the corporation is proposing a 3-D geophysical program to evaluate additional drilling locations in the area. On the undeveloped lands recently acquired in central Alberta, on trend with an existing oil and gas field, Fair Sky is presently evaluating purchased geophysical data with its partners to delineate a drilling location scheduled for 2007.

After giving effect to the equity issuance, Fair Sky has approximately 13.03 million common shares issued and outstanding which trade on the TSX-Venture Exchange under the symbol "FSK".


The TSX Venture Exchange Inc. 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
    or
    Fair Sky Resources Inc.
    Jasmine Smith
    Sr. Manager, Investor Relations
    (403) 264-5337
    Email: ir@fairskyresources.com