/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
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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.
About SKRR Exploration
Inc.:
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.
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
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.