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
,
April 5, 2024
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("
SKRR
" or the "
Company
") is pleased to announce that it has closed the first tranche (the
"
First Tranche
") of its previously announced private placement (the "
Private Placement
") (see
news release dated
March 4, 2024
), consisting of 1,800,000 units ("
Units
") at price of
$0.10
per
Unit and 583,332 critical mineral exploration tax credit ("
CMETC
") flow-through units ("
FT Units
") at
a price of
$0.12
per FT Unit, for aggregate gross proceeds of
$250,000
. Each Unit is comprised of
one common share (a "
Share
") and one transferable common share purchase warrant (a
"
Warrant
"). Each FT Unit consists of one common share to be issued as a "flow-through share"
within the meaning of the
Income Tax Act
(
Canada
) (a "
FT Share
") and one Warrant. Each Warrant
entitles the holder thereof to purchase one common share of the Company (a "
Warrant Share
") at a
price of
$0.15
at any time on or before the date which is 36 months following the closing date of the
First Tranche.
The Company paid aggregate cash finder's fees of
$3,500
and issued 35,000 broker warrants to
certain finders and brokers on a portion of the First Tranche of the Private Placement. The broker
warrants are non-transferable and otherwise have the same terms as the Warrants. The Shares, FT
Shares, Warrant Shares and any common shares of the Company that are issuable from any
finder's warrants are subject to statutory hold period of four months and one day following the
closing date of the First Tranche in accordance with applicable Canadian securities laws and the
policies of the TSX Venture Exchange.
The Company intends to use the gross proceeds from the sale of the FT Shares toward exploration
work on the Clearwater West uranium property located in
Saskatchewan
that will be eligible for the
CMETC. 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, 2024
to
the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from
the issuance of the FT Shares. The Company intends to use the net proceeds from the sale of the
Units for exploration work on its properties and for working capital purposes.
The Company expects to close the second and final tranche of the Private Placement within the
following two weeks, 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.
About SKRR Exploration Inc.
SKRR is a Canadian-based precious and base metal explorer with properties in
British Columbia
and
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 offered have not been, and will not be, registered under the United States Securities
Act of 1933, as amended (the "
U.S. Securities Act
") or 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,
United States
persons
absent registration or an applicable exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws. This press release does not constitute an
offer to sell or the solicitation of an offer to buy securities in
the United States
, nor in any other
jurisdiction.
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 trance 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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For further information:
Sherman Dahl, President & CEO, Tel: 250-558-8340
CO: SKRR EXPLORATION INC.
CNW 04:30e 05-APR-24