SKRR Exploration Inc. Closes Final Tranche of Private Placement and Announces Appointment of Ross McElroy as Special Advisor /NOT FOR DISTRIBUTION TO UNITED STATES
SKRR Exploration Inc. Closes Final Tranche of
Private Placement and Announces
Appointment of Ross McElroy as Special
Advisor
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE
UNITED
STATES/
VANCOUVER, BC
,
March 6, 2025
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("
SKRR
" or the "
Company
") is pleased to announce that, further to its news release dated
February 20, 2025, the Company has closed the second and final tranche (the "
Final Tranche
") of
its non-brokered private placement (the "
Private Placement
"), consisting of 6,678,227 units (the
"
Units
") at a price of
CAD$0.11
per Unit for gross proceeds of
CAD$734,605
. The aggregate gross
proceeds from both the first tranche and the Final Tranche of the Private Placement total
CAD$1,335,000
. Each Unit is comprised of one common share of the Company (a "
Share
") and one
transferable Share purchase warrant (a "
Warrant
"). Each Warrant entitles the holder thereof to
purchase one Share at a price of
CAD$0.145
until
March 6, 2027
.
The Company intends to use the proceeds of the Private Placement towards working capital and
corporate overhead, exploration and development activities and a reserve for potential asset
acquisition investigations and due diligence.
In connection with the closing of the Private Placement, the Company paid cash finder's fees totaling
$50,773
to a certain arm's length brokerage firm on a portion of the Final Tranche. The Shares and
any Shares that are issuable upon the exercise of Warrants are subject to a statutory hold period of
four months and one day following the closing date of the Private Placement in accordance with
applicable Canadian securities laws and the policies of the TSX Venture Exchange.
Insiders of the Company subscribed for a total of 395,273 Units under the Final Tranche.
Participation by the insiders constitutes a "related party transaction" as defined under Multilateral
Instrument 61-101 ("
MI 61-101
"). The Company is relying on the exemptions from the valuation and
minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a)
of MI 61-101, as the fair market value of the participation in the Private Placement by insiders does
not exceed 25% of the market capitalization of the Company, as determined in accordance with MI
61-101.
Appointment of Special Advisor
The Company is pleased to announce that
Ross McElroy
has agreed to become a special advisor to
the Board of Directors of the Company. Mr. McElroy specializes in the exploration and development
phases of projects and sits on various public and private boards. His most recent executive role was
as President and CEO of Fission Uranium Corp., where under his leadership as CEO the company
was successfully acquired by Paladin Energy at an implied equity valuation of
$1.14B
.
Sherman Dahl
, CEO of SKRR commented: "
We are very pleased that Ross has agreed to become
a special advisor to the board of directors and look forward to benefitting from the rich experience
in the mining industry that he brings to the Company
".
Mr. McElroy is a professional geologist, bringing more than 38 years of mining industry experience
both in operation and corporate capacities, involved with major, mid-tier and junior mining and
exploration companies. His comprehensive international experience covers the spectrum from grass
roots exploration to development to mining operations.
As a serially successful exploration and development geologist, he has been a key member in the
discoveries of numerous world-class uranium and gold orebodies, several of which have been
advanced to development and producing mining operations. Among the many acknowledgments for
his contributions, Ross was awarded the Northern Miner "Mining Person of the Year" (2013), the
prestigious PDAC "
Bill Dennis
Award" (2014), a Finalist in the E&Y "Entrepreneur of the Year"
(2014) and the Mining Journal Outstanding Achievement Award winner for "Exploration of the Year".
About SKRR Exploration Inc.
SKRR is a Canadian-based precious and base metal explorer with properties in
Saskatchewan
–
some 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 and base 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
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.
The securities issued pursuant to the Private Placement have not been, and will not be, registered
under the U.S. Securities Act or under any U.S. state securities laws, and may not be offered or
sold in
the United States
or to, or for the account or benefit of, a "U.S. person" (as defined in
Regulation S under the U.S. Securities Act) absent registration or any applicable exemption from the
registration requirements under the U.S. Securities Act and applicable U.S. state securities laws.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in
the United States
, nor shall there be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
Forward-Looking Information
This news release contains "forward–looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation, statements relating to the expected
use of proceeds of the Private Placement, and 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, the ability to secure equipment and personnel to carry out work programs, 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 the risks and uncertainties relating to the interpretation of exploration results,
risks related to the inherent uncertainty of exploration and cost estimates and the potential for
unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR+
at
www.sedarplus.ca
. There is a possibility that future exploration, development or mining results will
not be consistent with the Company's expectations. 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, the ability
to manage working capital, failure to secure personnel and equipment for work programs, adverse
weather and climate conditions, failure to maintain or obtain all necessary government permits,
approvals and authorizations, decrease in the price of gold, copper, nickel, uranium and other
metals, failure to maintain or obtain 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 forward–looking statements or forward–looking information, except as
required by law.
SOURCE
SKRR Exploration Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2025/06/c2731.html
%SEDAR: 00027214E
For further information:
Sherman Dahl, President & CEO, Tel: 250-558-8340
CO: SKRR Exploration Inc.
CNW 16:32e 06-MAR-25