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Share Name | Share Symbol | Market | Type |
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TSXV:SYR.H | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR THE DISSEMINATION IN THE UNITED STATES. Sky Ridge Resources Ltd. (NEX:SYR.H) announced today that it has settled $2.7 million in outstanding debt through the issuance of 54,000,000 common shares, at a deemed price of $0.05 per share. The securities have a hold period expiring April 28, 2008. Upon settlement of the debt, all outstanding subscription receipts of the Company, which were issued on December 20, 2007 on completion of the Company's $1.1 million private placement, were converted, resulting in the issuance of 23,100,000 common shares and 23,100,000 share purchase warrants. Each warrant entitles the holder to purchase an additional share at a price of $0.10 per share on or before December 20, 2008. The Radcliffe Foundation of 595 Burrard Street, Suite 3123, Vancouver, B.C. V7X 1J1, was issued an aggregate of 32,250,000 common shares in connection with the debt settlement and conversion of subscription receipts, representing 40.6% of the Company's current outstanding capital. It also owns an additional 7,450,000 share purchase warrants and 2,000,000 stock options. The Company is advised that the securities were acquired by the Radcliffe Foundation for investment purposes. While it does not currently have any intention to acquire further securities of the Company, the Radcliffe Foundation may in the future acquire or dispose of securities of the Company, through the market or otherwise, as circumstances or market conditions warrant. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
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