SKRR Exploration Inc. Closes First Tranche of Private Placement
SKRR Exploration Inc. Closes First Tranche of
Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
Feb. 20, 2025
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("
SKRR
" or the "
Company
") announces that the Company has closed the first tranche (the
"
First Tranche
") of its non-brokered private placement (the "
Private Placement
"), consisting of
5,458,136 units (the "
Units
") at a price of
CAD$0.11
per Unit for gross proceeds of CAD$
$600,395
. Each Unit is comprised of one common share of the Company and one transferable
common share purchase warrant (a "
Warrant
"). Each whole Warrant is exercisable to purchase one
common share of the Company at a price of
CAD$0.145
per share for a period of two years from
the closing date of the First Tranche.
The Company intends to close a second and final tranche of the Private Placement on or before
March 7, 2025
, and is subject to certain conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture Exchange. No finder's fees were
paid in connection with the First Tranche.
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.
All securities issued pursuant to the First Tranche of the Private Placement are subject to a statutory
hold period of four months and one day from the closing date in accordance with applicable
Canadian securities laws.
Insiders of the Company subscribed for a total of 1,362,000 Units under the First 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.
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
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 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 use of
proceeds of the Private Placement, the closing of a second tranche 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, failure to secure personnel and equipment for work programs,
adverse weather and climate conditions, failure to maintain all necessary government permits,
approvals and authorizations, decrease in the price of gold, copper, nickel, uranium 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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%SEDAR: 00027214E
CO: SKRR Exploration Inc.
CNW 08:00e 20-FEB-25