TYHEE ANNOUNCES CLOSING OF PRIVATE PLACEMENT
VANCOUVER, British Columbia (Thursday February 25, 2010) -- Tyhee Development Corp. (TSX Venture, TDC) (the “Company”) has closed on 4,830,000 units of the 21,030,000 unit financing announced on February 16, 2010. One million of these warrants had been exercised earlier and were not available to participate in the financing. In this closing 4,830,000 units were subscribed for and $724,500 was received. 4,830,000 warrants, exercisable at $0.15, were submitted for cancellation. A total of 4,830,000 shares and 2,415,000 warrants exercisable at $0.25 anytime prior to July 15, 2011 have been issued. All securities are subject to a four month hold. Funds from the private placement will be used for further exploration and development of the Company’s advanced-stage Yellowknife Gold Project and for general corporate purposes.
Tyhee currently has three diamond drills on its Yellowknife Gold Project, two operating on the Clan Lake Main Zone, and one operating on the Ormsby Zone. “These funds, together with those raised in December 2009 will enable Tyhee to continue to advance its Yellowknife Gold Project.” reports Dave Webb, President & CEO. “Tyhee has completed the first six of the current 33 drillhole program at Clan Lake. Tyhee has an indicated resource of 354,000 ounces at the Clan Lake Main Zone. The drill core is currently being processed and the first assays should be received by mid March. Additionally, two more drillholes are planned at the Ormsby Zone.”
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 includes the Nicholas Lake, Ormsby, Bruce, Goodwin Lake, and Clan Lake Gold Zones. All are located on mineral claims and mining leases 50 to 90 km north of Yellowknife, NWT. (Note: only Nicholas Lake and Ormsby Zones are been included for permitting purposes).
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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.