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TSX Venture: TDC

VANCOUVER, Feb. 16 /CNW/ - 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).