TYHEE ANNOUNCES PRIVATE PLACEMENT TO RAISE UP TO $3,154,500
VANCOUVER, British Columbia (February 16, 2010) -- Tyhee Development Corp. (TSX Venture, TDC) today announced that, subject to Exchange approval, it has agreed to issue up to 21,030,000 units by way of a private placement to raise up to $3,154,500. Subscribers have agreed to surrender a share purchase warrant issued during a previous placement which is exercisable at $0.15 and expiring July 15 2011 for cancellation, and pay $0.15 cash for each unit subscribed to. All securities issued will be subject to a minimum four month hold period.
Nine of the twelve holders of these warrants, including all of the insiders have notified the Company of their desire to participate. Each unit issued will consist of one common share and one half a share purchase warrant. Each full warrant will be exercisable prior to July 15, 2011 at $0.25.
The warrants to be presented for cancellation are currently in the money by $0.07 as of yesterday’s close ($0.22).
Tyhee Development Corp. is a gold exploration and development company working in the historic Yellowknife Gold Camp, NWT, Canada. It is the largest property holder in this camp and has the largest exploration and development program underway in the region. Its principal asset is the Yellowknife Gold Project which includes the Nicholas Lake and Ormsby Gold Zones, the Goodwin Lake Zone (13 km south of the Ormsby Zone), and the Clan Lake Zone (27 km south of the Ormsby Zone). All are located on mineral claims and mining leases 50 to 90 km north of Yellowknife, NWT. A Preliminary Feasibility Study was initiated in 2009 and will be completed by the end of June, 2010. Permits to develop and mine the deposits have been submitted to the Mackenzie Valley Land and Water Board. (Note: only Nicholas Lake and Ormsby Zones have been included for permitting purposes).
Tyhee’s shares trade on the TSX Venture Exchange under the symbol “TDC”.
For further information, please contact:
President and CEO
Envoy Strategic Partners
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.
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to proposed or anticipated work programs and anticipated timing of permit applications. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. Factors which may lead the company to not proceed with anticipated work programs, construction or development projects and studies, to delay permit applications or delay the delivery of the feasibility study include factors such as analysis of the exploration results may lead to a determination that further exploration or development is not warranted, additional information requirements necessary to complete permit applications and the feasibility study may be delayed by weather and other constraints, insufficient funding, delays as a result of early or late onset of winter conditions, availability of personnel and equipment to conduct work programs, permit reviews, information requests and other factors not within the Company’s control. The factors identified above are not intended to represent a complete list of the factors that could affect the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forwardlooking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company does not undertake to update forward-looking statements, except where required by law. Readers should not place undue reliance on forward-looking statements.