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Skye Resources closes US$92 million offering

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Skye Resources

On December 13, 2006, Skye Resources Inc. announced that it had closed its offering of 7,450,000 units of Skye at a price of $10.75 per unit for total gross proceeds of $80,087,500. Each unit consists of one common share of Skye and one-half of one common share purchase warrant of Skye, with each whole warrant entitling the holder thereof to acquire a further common share at an exercise price of $12.36 per share until March 13, 2008. TD Securities Inc. acted as the lead underwriter in connection with the Offering, with BMO Nesbitt Burns Inc., CIBC World Markets Inc., Paradigm Capital Inc., National Bank Financial Inc. and Orion Securities Inc. comprising the remainder of the syndicate. On January 11, 2007, the underwriters purchased an additional 1,117,500 units for market stabilization and over-allotment purposes for gross proceeds of $12,013,125, bringing the total gross proceeds raised from the offering to $92,100,625. Net proceeds from the offering will be used by Skye to initiate the development of the Fenix Project, for exploration at Fenix and other nickel properties, for further engineering studies on the hydromet expansion at Fenix, including work on Skye's proprietary sulphation atmospheric leaching process, and for general corporate purposes. Fasken Martineau advised Skye in this matter with a team comprised of Michael Bourassa, Georges Dubé, Nancy Eastman and Brad Freelan.



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