York Harbour Appoints Timothy Ko to the Board and Extends Private Placement

Rhea-AI Summary

York Harbour Metals (CSE: YORK, OTC: YORKF) announced the extension of its non-brokered private placement financing of up to 6,000,000 units at $0.05 per Unit, aiming to raise gross proceeds of up to $300,000. Each Unit includes one common share and one transferable warrant, exercisable at $0.075 per share for 5 years from closing.

The company expects a lead order from CEO Blair Naughty, which will increase his equity stake from 15.18% to approximately 19.89%. Additionally, Timothy Ko has been appointed to the Board of Directors and Audit Committee, replacing Michael Williams, who resigned as director and Executive Chairman.

Positive

• CEO Blair Naughty increasing personal investment, showing confidence in company
• Private placement to raise up to $300,000 in additional capital

Negative

• Significant insider concentration with CEO ownership increasing to 19.89%
• Potential dilution from private placement of 6 million units
• Loss of Executive Chairman position

Vancouver, British Columbia--(Newsfile Corp. - February 3, 2025) - YORK HARBOUR METALS INC. (CSE: YORK) (OTC Pink: YORKF) (the "Company" or "York Harbour") Further to the Company's news release on December 16, 2024, the Company will extend its non-brokered private placement financing of up to 6,000,000 units ("Units") at $0.05 per Unit for gross proceeds of up to $300,000. Each Unit will consist of one common share and one transferable warrant. Each warrant (a "Warrant") is exercisable into one common share at $0.075 per common share for 5 years from closing (the "Private Placement"). The Company expects to announce the closing of the private placement in the coming weeks.

The Company anticipates a lead order from Mr. Blair Naughty, CEO and President of the Company, for the Private Placement. Upon completion of the Private Placement, Mr. Naughty's investment combined with his existing holdings will further increase his equity stake in the Company, currently at 15.18% to approximately 19.89%. The Company deeply appreciates the backing from all of its strategic shareholders and the broader investment community.

CHANGE OF DIRECTOR

The Company is pleased to announce the appointment of Mr. Timothy Ko to its Board of Directors and Audit Committee. Mr. Michael Williams has resigned as a director and Executive Chairman of the Company creating a vacancy on the Board for the appointment of Mr. Ko. The Company is grateful to Mr. Williams for his considerable service and wishes him all the best in his future endeavours.

About Timothy Ko

Timothy Ko is an entrepreneur who has successfully founded and operated businesses in technology and biotech. He has served at both the executive and board level and has overseen the successful fundraising, acquisition and operations of businesses in his time within the Canadian public markets.

About York Harbour Metals

York Harbour Metals Inc. is a mineral exploration and development company focused on high-grade projects in Newfoundland. The Company has recently closed the first milestone of an Option Agreement with Firetail Resources Limited on the York Harbour Copper-Zinc-Silver Project, located approximately 27 km from Corner Brook, Newfoundland. Additionally, York Harbour holds a 100%-interest in the Bottom Brook Rare Earth Elements Project, covering 15,150 hectares, situated next to the Trans-Canada Highway and only 27 km from a deep-water port at Turf Point, Newfoundland.

On Behalf of the Board of Directors,

"Blair Naughty"
CEO and President

For further details, please contact:
Email: info@yorkharbourmetals.com
Phone: 1-604-346-7613 or 604-341-6870 (Office)
Website: https://yorkharbourmetals.com/

Forward-Looking Statements:

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

No securities regulatory authority or stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239495

FAQ

What are the terms of York Harbour Metals' (YORKF) February 2025 private placement?

The private placement offers 6,000,000 units at $0.05 per unit, with each unit consisting of one common share and one transferable warrant exercisable at $0.075 for 5 years, aiming to raise up to $300,000.

How much will CEO Blair Naughty's ownership stake increase after the YORKF private placement?

CEO Blair Naughty's ownership stake will increase from 15.18% to approximately 19.89% following the private placement.

Who replaced Michael Williams on York Harbour Metals' (YORKF) Board of Directors?

Timothy Ko was appointed to replace Michael Williams on the Board of Directors and Audit Committee.

What is the exercise price and term for the warrants in YORKF's February 2025 private placement?

The warrants are exercisable at $0.075 per common share for a period of 5 years from the closing date.