Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

December 19, 2006 17:36 ET

Selkirk Metals Corp. Closes $10 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 19, 2006) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to announce that it has closed its previously announced brokered private placement, which was arranged through Sprott Securities Inc. and Pacific International Securities Inc. (collectively the "Agents"). The Agents placed 8,700,000 Common Shares in the capital of the Company at a price of $1.15 per Common Share for aggregate gross proceeds to the Company of $10,005,000. The Agents received a cash commission equal to 6% of the gross proceeds of the Offering and broker warrants entitling them to acquire 522,000 common shares, being 6% of the number of Common Shares sold, at a price of $1.35 per common share on or before June 19, 2008.

The Common Shares are subject to a hold period that expires on April 20, 2007.

The Company shall use the net proceeds from the sale of the Common Shares for further advancement of the Company's Ruddock Creek Property and general corporate purposes.

On Behalf of the Board of Directors:

Gordon Keevil, President

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of content of this press release.

Contact Information

  • Selkirk Metals Corp.
    Gordon Keevil
    President
    (604) 687-2038
    (604) 687-3141 (FAX)
    Website: www.selkirkmetals.com