Sky Gold Closes First Tranche of Financing

VANCOUVER, BC / ACCESSWIRE / June 19, 2024 / Sky Gold Corp. (TSXV:SKYG)(US:SRKZF) ("Sky Gold Corp." or the "Company") is pleased to announce that the Company has closed the first tranche of the previously announced non-brokered private placement (see PR dated May 24, 2024 and June 5, 2024) for gross proceeds of $330,000. In connection with completion of the first tranche, the Company has issued 6,600,000 non-flow through units (the "NFT Units") at a price of $0.05 per Unit.

Each NFT Unit is comprised of one common share (a "Share") and one transferrable Share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.07 per Warrant Share for a 36-month period after the Closing Date.

In connection with completion of the first tranche of the non-brokered private placement, the Company paid total finders' fees of $22,000 and issued 440,000 non-transferable Share purchase warrants to Canaccord Genuity Corp. and Sherbrooke Street Capital (SSC) Inc. Each non-transferable Share purchase warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.07 per Warrant Share for a 12-month period from the closing date.

A senior officer and a director of the Corporation have subscribed for an aggregate of 700,000 Units as part of the Private Placement, which participation constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 of the TSXV.  The Corporation is relying on the exemption for a formal valuation under section 5.5(b) of MI 61-101 (trading on the TSXV), and on the exemption for minority shareholder approval under section 5.7(1)(b) of MI 61-101 (fair market value of less than $2,500,000).

All securities issued are subject to a statutory hold period expiring on October 20, 2024.

The financing, although conditionally approved by the TSX Venture Exchange (TSXV), is subject to final approval.

Proceeds raised from the Offering will be used towards exploration activities on the Company's portfolio of mining projects as well as general and administrative purposes.

About Sky Gold Corp.

Sky Gold Corp. is a junior mineral exploration company engaged in acquiring and advancing mineral properties in Canada and the USA.

ON BEHALF OF THE BOARD

"Mike England"
Mike England, CEO & Director

FOR FURTHER INFORMATION PLEASE CONTACT:

Telephone: 1-604-683-3995
Toll-Free: 1-888-945-4770

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.

SOURCE: Sky Gold Corp.