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VANCOUVER, BC, Oct. 15, 2020 /CNW/ - SKRR Exploration Inc.
(TSXV: SKRR) (OTC: SKKRF) (FSE: B04Q) ("SKRR"
or the "Company") is pleased to announce that it has
arranged a non-brokered private placement consisting of up to 6.5
million common shares at a price of 28
cents per share for gross aggregate proceeds of up to
$1.82-million (the "Private
Placement").
The common shares issued under the Private Placement will
qualify as flow-through shares. The gross proceeds from the Private
Placement will be used to incur Canadian exploration expenses that
will qualify as flow-through mining expenditures as those terms are
defined in the Income Tax Act (Canada), which will be renounced to the
purchasers of the flow-through shares.
"As disclosed in our October 14,
2020 news release, the drill program at the Olson property
is advancing well, with a total of 7 holes totaling 968m completed to date on 3 separate target
areas; Jena/Juba, Point and Tuscan," commented Sherman Dahl, chief executive officer. "This
offering will allow us to expand the ongoing Olson drill program
and fund strategic exploration work on our Irving / Leland Project
moving forward."
The Private Placement is subject to TSX Venture Exchange
approval and all securities are subject to a four month hold
period. Mackie Research Capital Corporation will receive finder's
fees in cash or securities equal to 7% of a portion of the proceeds
or the number of shares sold, all in accordance with the policies
of the TSX Venture Exchange and applicable securities laws. Closing
of the Private Placement is expected on or about Oct 25, 2020, subject to TSX Venture Exchange
approval.
The net proceeds of the Private Placement will be used for
expanding the ongoing Olson drill program as well as strategic
exploration work on SKRR's Irving / Leland Project (to be
comprehensively detailed in future news releases). The Irving /
Leland Project is a large land package covering more than 23,500
hectares strategically located within 10km to 20km of SRR Mining's
very successful Seabee Gold Mine operation, Saskatchewan's largest orogenic gold deposit.
SKRR cautions that past results or discoveries on proximate lands
are not necessarily indicative of the results that may be achieved
on the Irving / Leland Project.
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Ross McElroy P.Geol, a director of the Company
and a "Qualified Person" as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects.
About SKRR Exploration Inc.:
SKRR is a Canadian-based precious metal explorer with properties
in Saskatchewan - one 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
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 drilling on the Olson property, exploration work on Leland
and Irving projects, completion of the Private Placement, 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,
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 those filed under the Company's profile on SEDAR at
www.sedar.com. 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, adverse
weather conditions, decrease in the price of gold and other metals,
equipment failures, failure to maintain all necessary government
permits, approvals and authorizations, the impact of Covid-19 or
other viruses and diseases on the Company's ability to operate,
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.