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VANCOUVER, BC, March 4, 2024 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (OTC: SKKRF) (FSE: B04Q) ("SKRR" or the "Company"), is pleased to announce that it intends to complete a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of up to $1,500,000 consisting of any combination of units of the Company at a price of $0.10 per Unit (the "Unit") and 'flow-through' units of the Company (each, a "FT Unit") at a price of $0.12 per FT Unit.
Sherman Dahl, CEO of SKRR comments:
"We look forward to closing this private placement financing and beginning the exploration work with F3 Uranium Corp. on the Clearwater West uranium property in the Athabasca basin."
Each Unit will consist of one common share of the Company and one common share purchase warrant (each, a "Warrant"). Each FT Unit will consist of one common share of the Company to be issued as a Critical Mineral Exploration Tax Credit "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one Warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.15 for a period of three (3) following the closing of the Private Placement.
The Company intends to use the proceeds from the sale of the FT Shares towards exploration work (including drilling) on the Clearwater West uranium property located in Saskatchewan and intends that such expenses incurred will be eligible for the Critical Mineral Exploration Tax Credit (the "CMETC"). The Company intends to use the net proceeds from the non-FT Shares for general corporate and working capital purposes.
SKRR has the option to acquire up to a 70% interest in the Clearwater West uranium property from F3 Uranium Corp. (TSXV: FUU), which 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. Subject to the completion of the Private Placement, F3 will serve as the operator for this exploration program on the Clearwater West uranium property.
Raymond Ashley, President & Director of F3 Uranium comments:
"We are excited to head back to Clearwater West in the near term to resume exploration. Work permits are already in hand for the initial ground geophysical work as well as drilling. The initial ground geophysical work is looking to define additional drill targets on untested conductor trends to add to the prospective drill ready targets that have been defined from previous work on the property."
The Private Placement is subject to TSX Venture Exchange approval. All securities issued under the Private Placement will be subject to a four month hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Finder's fees may be payable in connection with the Private Placement, all in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
SKRR is a Canadian-based precious and base 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 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
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 Private Placement and the intended use of proceeds, 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, the interpretation of technical and scientific data, risks related to the inherent uncertainty of exploration and development and cost estimates and the potential for unexpected costs and expenses and including those 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, adverse weather or climate conditions, decrease in the price of gold, uranium and other metals, equipment failures or failure to obtain the necessary equipment, failure to maintain or obtain 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.
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