SKRR Exploration Announces Private Placement for up to $3.5 Million
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SKRR Exploration Inc. (TSXV: SKRR) (OTC: SKKRF) (FSE: B04Q) (“SKRR” or the “Company“), is pleased to announce a non-brokered private placement offering (the “Private Placement“) for aggregate gross proceeds of up to $3,500,000 consisting of a combination of: (i) units of the Company (the “Units“) at a price of $0.27 per Unit and (ii) flow-through common shares of the Company (within the meaning of the Income Tax Act (Canada) (each a “FT Share“) at a price of $0.30 per FT Share.
Each Unit will be comprised of one common share in the capital of the Company (a “Common Share“) and one-half of one Common Share purchase warrant (“Warrant“). Each Warrant is exercisable to acquire one Common Share of the Company (a “Warrant Share“) at an exercise price of $0.40 per Warrant Share for a period of 24 months from closing of the Private Placement.
The Company intends to use the net proceeds from the sale of Units towards its exploration and development work on its projects and for general corporate and working capital purposes. The Company intends to use the net proceeds from the sale of FT Shares towards its exploration work on the Company’s projects.
The Common Shares and Warrants underlying the Units and the FT Shares to be issued under the Offering will have a hold period of four months and one day closing of the Private Placement.
In connection with the Private Placement, the Company has appointed Mackie Research Capital Corporation as a finder and the Company may pay a finder’s fee in cash, Common Shares, and/or Warrants to the finder in connection with the sale of Units and FT Shares in accordance with the policies of the TSX Venture Exchange.
The issuance of the Units and FT Shares, and payment of the finder’s fee is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
About SKRR Exploration Inc.
SKRR is a Canadian-based precious metal explorer with properties in Saskatchewan – one of the world’s highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
For further information contact:
Rich Matthews
Investor Relations
Integrous Communications
rmatthews@integcom.us
+1 604-757-7179
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.
Forward-Looking Information
This news release contains “forwardâ€looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the Private Placement, use of proceeds, other statements relating to the technical, financial, and business prospects of the Company, its projects, and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, decrease in the price of gold and other metals, equipment failures or failure to obtain the necessary equipment, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forwardâ€looking statements or forwardâ€looking information, except as required by law.