Strategic Resources Closes $2.5 Million Financing
Strategic Resources Closes $2.5 Million
Financing
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWS WIRE SERVICES OR FOR
DISSEMINATION TO
UNITED STATES
/
VANCOUVER, BC
,
Oct. 20, 2020
/CNW/ -
Strategic Resources Inc.
(TSXV: SR) (the "Company"
or "Strategic") is pleased to announce that it has closed its previously announced non-brokered
private placement (please refer to the Company's
September 29, 2020
and
September 30, 2020
press releases). A total of 7,170,000 units ("Units") were sold at a price of
$0.35
per Unit, for
aggregate gross proceeds of approximately
$2.5 million
(the "Offering"). Each Unit is comprised of
one common share of the Company (each, a "Common Share") and one-half of one Common Share
purchase warrant of the Company (each whole Common Share purchase warrant, a "Warrant").
Each Warrant entitles the holder thereof to acquire one Common Share at a price of
$0.55
per
Common Share at any time during the 18-month period following the closing date of the Offering.
The use of proceeds will be to fund the Mustavaara Preliminary Economic Assessment, drilling of the
Silasselkä project, and for general corporate purposes and working capital.
The securities issued under the Offering will be subject to a statutory hold period in
Canada
of four
months and one day following the Closing Date. In connection with the Offering, finders' fees of 4%
were paid on the proceeds from certain subscribers to Haywood Securities Inc., Trimark Capital,
First Globe Capital International Inc. and Canaccord Genuity Corp.
About Strategic Resources
Strategic Resources Inc. (TSXV:SR) is a
Vancouver, Canada
based mineral exploration and
development company that is focused on vanadium projects in
Finland
and
Peru
. The Company
continues to evaluate new opportunities that are related to the electrification of the economy.
Further details are available on the Company's website at
https://strategic-res.com/
.
To follow future news releases, please sign up at
https://strategic-res.com/contact/
.
STRATEGIC RESOURCES INC.,
Signed:
"Scott Hicks"
Scott Hicks
,
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 news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts,
contain forward-looking statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or information include but are not
limited to statements or information with respect to the use of net proceeds under the Offering.
Often, but not always, forward-looking statements or information can be identified by the use of
words such as "will", "may" and "plans" or variations of those words and phrases or statements that
certain actions, events or results "will" be taken, occur or be achieved.
SOURCE
Strategic Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/October2020/20/c2647.html
%SEDAR: 00021914E
For further information:
Scott Hicks,
[email protected], T: +1 604 646 1890
CO: Strategic Resources Inc.
CNW 17:00e 20-OCT-20