SKRR Exploration Inc. Receives TSXV Approval of Amendment to Definitive Option Agreement with F3 Uranium Corp. for the Clearwater West Project, Saskatchewan
SKRR Exploration Inc. Receives TSXV
Approval of Amendment to Definitive Option
Agreement with F3 Uranium Corp. for the
Clearwater West Project, Saskatchewan
VANCOUVER, BC
,
Jan. 22, 2024
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q)
("
SKRR
" or the "
Company
") is pleased to announce that further to its news release dated January
10, 2024, the TSX Venture Exchange has accepted the amendment agreement (the "
Amendment
Agreement
") in respect of the option agreement (the "
Option Agreement
") dated
May 25, 2023
(the "
Effective Date
") with F3 Uranium Corp. (TSXV: FUU) ("
F3
") to acquire up to a 70% interest in
the Clearwater West Property. The Clearwater West Property is comprised of 3 contiguous mineral
claims totaling 11,786 hectares, located ~20km outside the edge and in the south-west area of the
Athabasca
Basin.
The parties have agreed to amend the Option Agreement to extend the requirement for a minimum
$1,000,000
in work expenditures on the Clearwater West Property on or before the first year
anniversary of the Effective Date until the second year anniversary of the Effective Date, such that
cumulative work expenditures of a minimum of
$3,000,000
are required on or before the second
year anniversary of the Effective Date under the Amendment Agreement. In consideration for the
extension, SKRR issued 605,000 common shares of SKRR to F3 and is required to issue an
additional 395,000 common shares of SKRR to F3 on or before
June 1, 2024
, unless subsequent to
such share issuance, F3's partially diluted shareholdings in SKRR would exceed 10% of the issued
and outstanding shares of SKRR, in which case SKRR shall pay
$39,500
in cash to F3 in lieu thereof
on or before
June 5, 2024
. All common shares issued to F3 will be subject to a four month hold
period in accordance with applicable securities laws and the policies of the Exchange.
F3 and SKRR are non-arm's length parties (as defined in Exchange Policy 1.1) given that they share
a common senior officer.
Sherman Dahl, CEO of SKRR, comments:
"With this amendment, SKRR is pleased to continue its beneficial relationship with F3 and
excited about the prospects for the Clearwater West Uranium Project. We look forward F3's
recently announced spin-out of 14 early-stage uranium exploration projects in
the Athabasca basin, including
Clearwater West
, into a new wholly owned subsidiary called
F4 Uranium Corp."
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 uranium, 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.
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
Amendment Agreement, future exploration work and expenditures on the Clearwater West Property,
payments under the Option Agreement 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 04:00e 22-JAN-24