SKRR Exploration Inc. Closes Private
SKRR Exploration Inc. Closes Private
Placement Financing
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OR INTO
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./
VANCOUVER, BC
,
Dec. 17, 2021
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR)
(FRE:
B04Q) ("
SKRR
" or the "
Company
") is pleased to announce that it has closed an over-subscribed
previously announced non-brokered private placement (the "
Private Placement
") for aggregate
gross proceeds of
$1,580,951
from the sale of 12,090,000 flow-through units of the Company
(each, a "
FT Unit
") at a price of
C$0.10
per FT Unit and 4,375,895 units of the Company (each, a
"
Unit
") at a price of
C$0.085
per Unit.
Each Unit consists of one common share of the Company and one half of one common share
purchase warrant (each whole warrant, a "
Warrant
"). Each FT Unit consists of one common share
of the Company issued as a "flow-through share" within the meaning of the
Income Tax Act
(
Canada
) (each, a "
FT Share
") and one half of one Warrant. Each Warrant entitles the holder
thereof to purchase one common share of the Company at a price of
C$0.14
for a period of 24
months following the closing date of the Private Placement.
The proceeds of the Private Placement will be used for the exploration of the Company's projects in
Saskatchewan
and for general working capital purposes. The gross proceeds from the issuance of
the FT Shares will be used for "Canadian Exploration Expenses" (within the meaning of the Income
Tax Act (
Canada
)) (the "
Qualifying Expenditures
"), which will be renounced with an effective date
no later than
December 31, 2021
to the purchasers of the FT Units in an aggregate amount not less
than the gross proceeds raised from the issue of the FT Shares.
In connection with the Private Placement, the Company paid aggregate cash finder's fees of
$52,496.50
and issued 529,900 non-transferable common share purchase warrants exercisable at
$0.14
per common share for a period of 24 months from the closing date of the Private Placement.
All securities issued in connection with the Private Placement are subject to a four month hold period
from the closing date in accordance with applicable securities laws.
The Private Placement constitutes a "related party transaction" within the meaning of Multilateral
Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
")
as FT Units and Units were purchased by a senior officer and a director of the Company. The
issuances of the securities to the two insiders of the Company are exempt from the formal valuation
and minority shareholder approval requirements under MI 61-101 pursuant to subsections 5.5(b) and
5.7(1)(a) as the Company's common shares are not listed on a specified market and the fair market
value of these securities do not exceed 25% of the Company's market capitalization.
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
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 news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful, including any of the securities in
the United States of America
. The securities
have not been and will not be registered under the United States Securities Act of 1933, as
amended (the "
1933 Act
") or any state securities laws and may not be offered or sold within
the
United States
or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the
1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an
exemption from such registration requirements is available.
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 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, 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.sedar.com
. 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, failure to
secure personnel and equipment for work programs, adverse weather and climate 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, decrease in the price of gold and
other metals, 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 forward–looking statements or forward–looking information, except as
required by law.
SOURCE
SKRR Exploration Inc.
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For further information:
Sherman Dahl, President & CEO, Tel: 250-558-8340
CO: SKRR Exploration Inc.
CNW 16:00e 17-DEC-21