Post by Designer on Jul 1, 2005 17:14:43 GMT -5
SKEENA RESOURCES LIMITED
Ste. 611, 675 West Hastings Street
Vancouver, British Columbia V6B 1N2
Tel: (604) 684-8725 Fax: (604) 669-2543
______________________________________________________________________________________
News Release
Skeena closes 1st tranche of financing – contracts drill for Ecuador June 27, 2005, Skeena Resources Limited (TSX.V: SKE) is pleased to announce that on June 24, 2005 it closed the first tranche of its previously reported non-brokered private placement (news releases May 2 and 16, 2005). Gross proceeds of $637,000 have been realized from the sale of 1,592,500 units. Each unit consists of one common share at $0.40/share and one non-transferable share purchase warrant exercisable at $0.75 per share for a two year period.
After the expiration of the share hold period (after October 25, 2005), the warrants have an accelerator clause wherein the remaining exercise period may be reduced, upon notice and at the election of the Company, to 30 days if the shares trade at or greater than $1.00 per share for 10 consecutive trade days. Commissions on a portion of the placement will total $42,080 cash and 157,800 broker warrants (exercisable at $0.55/share for a period of one year), paid collectively to Haywood Securities, CIBC Wood Gundy, First Associates, Leede Financial and M. Halvorson.
The Company is also pleased to announce that it has entered into a 4,000 metre drilling contract with Kluane International Drilling Inc. with mobilization onto the El Corazon gold project, located northwest of Quito, scheduled for July 16, 2005. Prior to the commencement of drilling, another news release describing the results of the recently completed IP survey and the proposed drill targets will be issued.
The second tranche of the private placement (2,157,500 Units of identical terms and commissions payable) is scheduled to close July 5, 2005. Total gross proceeds for both closings are anticipated to be $1.5 million.
In keeping with the stated goal of focusing all of its resources on more advanced precious metals projects, Skeena is in the process of withdrawing from the Ice Claims option in southeastern British Columbia and returning this project to the vendor.
ON BEHALF OF THE BOARD OF DIRECTORS OF SKEENA RESOURCES LIMITED
Rupert Allan, P.Geol.
President
For further information contact:
Tony Perri - Manager, Investor Relations
Tel: (604) 684-8725
Fax: (604) 669-2543
E-mail: t_perri@yahoo.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Ste. 611, 675 West Hastings Street
Vancouver, British Columbia V6B 1N2
Tel: (604) 684-8725 Fax: (604) 669-2543
______________________________________________________________________________________
News Release
Skeena closes 1st tranche of financing – contracts drill for Ecuador June 27, 2005, Skeena Resources Limited (TSX.V: SKE) is pleased to announce that on June 24, 2005 it closed the first tranche of its previously reported non-brokered private placement (news releases May 2 and 16, 2005). Gross proceeds of $637,000 have been realized from the sale of 1,592,500 units. Each unit consists of one common share at $0.40/share and one non-transferable share purchase warrant exercisable at $0.75 per share for a two year period.
After the expiration of the share hold period (after October 25, 2005), the warrants have an accelerator clause wherein the remaining exercise period may be reduced, upon notice and at the election of the Company, to 30 days if the shares trade at or greater than $1.00 per share for 10 consecutive trade days. Commissions on a portion of the placement will total $42,080 cash and 157,800 broker warrants (exercisable at $0.55/share for a period of one year), paid collectively to Haywood Securities, CIBC Wood Gundy, First Associates, Leede Financial and M. Halvorson.
The Company is also pleased to announce that it has entered into a 4,000 metre drilling contract with Kluane International Drilling Inc. with mobilization onto the El Corazon gold project, located northwest of Quito, scheduled for July 16, 2005. Prior to the commencement of drilling, another news release describing the results of the recently completed IP survey and the proposed drill targets will be issued.
The second tranche of the private placement (2,157,500 Units of identical terms and commissions payable) is scheduled to close July 5, 2005. Total gross proceeds for both closings are anticipated to be $1.5 million.
In keeping with the stated goal of focusing all of its resources on more advanced precious metals projects, Skeena is in the process of withdrawing from the Ice Claims option in southeastern British Columbia and returning this project to the vendor.
ON BEHALF OF THE BOARD OF DIRECTORS OF SKEENA RESOURCES LIMITED
Rupert Allan, P.Geol.
President
For further information contact:
Tony Perri - Manager, Investor Relations
Tel: (604) 684-8725
Fax: (604) 669-2543
E-mail: t_perri@yahoo.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.