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.