SOURCE: Skeena Resources Limited

Skeena Resources Limited

June 29, 2016 17:01 ET

Skeena Closes First Tranche of Financing

VANCOUVER, BC--(Marketwired - June 29, 2016) - Skeena Resources Limited (TSX VENTURE: SKE) ("Skeena" or the "Company") is pleased to report that, subject to approval by the TSX-Venture Exchange, it has closed the first tranche of private placement financing announced on June 9, 2016. The Company expects to close the balance of financing by next week.

Skeena collected gross proceeds of $3,804,000 from the sale of 47,290,000 Non-Flow Through ("NFT") Units at CDN$0.08 and 200,000 Flow Through ("FT") Units at CDN$0.104. Each NFT Unit consists of one non-flow through common share and one half of a non-flow through warrant. Each FT Unit consists of one flow through common share and one half of a non-flow through warrant. Each whole warrant will be exercisable into one non-flow through common share for a period of three years at a price of $0.12 in the first year, $0.14 in the second year and $0.16 in the third year.

All of the securities issued under this financing will be subject to a hold period of 4 months from the closing date of the offering. Finders' fees may be payable to qualified agents in accordance with applicable regulations.

Funds raised from this financing will be used to undertake a diamond drill program on the Snip property, as well as for exploration programs on the Spectrum and GJ properties and for general working capital purposes.

About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing prospective base and precious metal properties in the Golden Triangle region of northern British Columbia, Canada. The Company's primary activities are the evaluation and development of the Spectrum gold project and adjacent GJ copper-gold project as well as exploration on the recently optioned past-producing Snip gold mine, acquired from Barrick Gold Corp. Skeena's management includes a highly experienced team of mine-finders, including Ron Netolitzky, Chairman of the Board.

On behalf of the Board of Directors of Skeena Resources Limited,

Walt Coles Jr.
President & CEO

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For Further Information Contact:
    Walt Coles Jr.
    President & CEO
    or
    Tony Perri
    Investor Relations Manager
    Email: tperri@skeenaresources.com

    Suite 650, 1021 West Hastings Street
    Vancouver, BC, Canada, V6E 0C3
    Tel: (604) 684-8725
    Fax: (604) 558-7695