York Harbour Closes Private Placement of Units

York Harbour Metals (CSE: YORK) (OTC Pink: YORKF) has successfully closed a non-brokered private placement, raising $300,000 through the issuance of 6,000,000 units at $0.05 per unit. Each unit consists of one common share and one transferable warrant, exercisable at $0.075 per share for five years. The proceeds from this financing will be used for general working capital and accounts payable.



The company received a significant lead order from Mr. Blair Naughty, CEO and President of York Harbour, for 4,420,000 units ($221,000). This investment, combined with his existing holdings, increased Mr. Naughty's equity stake in the Company from 14.8% to 19.88% of total shares outstanding (24.37% on a partially diluted basis). This increased stake aligns Mr. Naughty's interests more closely with those of the shareholders, leading to better decision-making and stronger leadership.

The completion of the private placement financing has positively impacted York Harbour's financial position and liquidity by providing additional capital, strengthening its cash reserves, and enhancing its ability to manage short-term obligations and invest in its projects. The additional capital allows the company to explore new opportunities and invest in its projects more aggressively, potentially leading to increased shareholder value.

In conclusion, York Harbour Metals' successful private placement of units has strengthened the company's financial position and liquidity, enabling it to pursue its strategic initiatives and advance its high-grade projects in Newfoundland. The increased ownership stake of CEO Blair Naughty further enhances the company's governance and decision-making processes, aligning his interests with those of the shareholders and promoting better leadership. As York Harbour continues to develop its projects, investors should keep a close eye on the company's progress and the potential opportunities that lie ahead.