Tyhee Gold Corp.

Tyhee Gold Corp.

September 07, 2012 08:30 ET

Tyhee Announces Initial Closing of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2012) -


Tyhee Gold Corp. (TSX VENTURE:TDC) (the "Company") announces that it has completed an initial closing of its non-brokered private placement of units (the "Units") at $0.09 per Unit on the terms and conditions previously announced April 2, 2012 and September 4, 2012. Each Unit is comprised of one common share of the Company and one transferable common share purchase warrant of the Company (the "Warrants"). Each Warrant will entitle the holder to purchase a further common share in the Company (the "Warrant Shares") at a price of $0.125 per Warrant Share within 24 months of closing. In this closing, the Company will issue 2,500,000 Units for proceeds for aggregate proceeds of $225,000. The Company may complete additional closings of the private placement, as subscriptions are received, of the balance of up to $4.5 million (approximately $2.0 million raised since April 2012). All securities issued in this closing are subject to a 4-month hold period until January 7, 2013.

The funds will be used to advance the Company's Yellowknife Gold Project ("YGP"), an advanced stage wholly-owned gold project in the development and permitting stage, as well as for general corporate purposes. Please refer to the Company's news release of August 15, 2012 in respect of the Company's announcement of a positive feasibility study of the YGP prepared by SRK Consulting.

All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, including statements regarding the closing of the non-brokered financing, the proposed use of funds and expectation of additional closings of the private placement are "forward-looking statements". Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Factors that may cause actual results to vary from those made in the forward looking statements described in this document include: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; delays in obtaining approvals, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delays in completion of work necessary to complete the feasibility study, whether as a result of adverse weather conditions, contract or labour disputes, equipment failure, or response to regulatory enquiries in respect of permit applications; technological and operational difficulties encountered in connection with the activities of the company. This list is not exhaustive of the factors that may affect the forward looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the companies' forward-looking information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the 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.

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