BRIEF-Skyharbour to acquire 100 pct of Moore Lake Uranium project from Denison

Thu Jul 14, 2016 7:47am EDT
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July 14 (Reuters) - Skyharbour Resources Ltd

* Skyharbour secures option to acquire 100 pct of Moore Lake Uranium project from Denison and announces David Cates to join board of directors

* As part of option agreement, co will issue 18 million shares, make staged cash payments over five years totaling $500,000 to denison

* Under option agreement, Skyharbour will become operator of Moore Lake Project

* David Cates, president and CEO of Denison and Uranium Participation Corp, will be joining Skyharbour's board

* Co will also incur $3.5 million in exploration expenditures over five years to complete acquisition of 100 pct interest in property

* Skyharbour has received board approval for consolidation of company's issued and outstanding share capital

* Intended consolidation will be on a basis of one post-consolidation common share for every four pre-consolidation common shares

* Arranged a non-brokered private placement of up to 13,000,000 units at a price of $0.15 per unit Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)