- SKRR Exploration (SKRR) has raised more than C$1.17 million in a private placement to fund exploration work at its properties in Saskatchewan
- The company issued 4.7 million units at a price of 25 cents each, consisting of one common share and half of one common share purchase warrant
- Each whole warrant will be exercisable at a price of 50 cents per share for a period of 18 months from the date of issuance
- The proceeds will be used to fund an aggressive exploration at the company’s portfolio of properties within the Trans Hudson Corridor
- SKRR Exploration (SKRR) is currently up 6.06 per cent and is trading at 35 cents per share
SKRR Exploration (SKRR) has raised more than C$1.17 million in a private placement to fund exploration work at its properties in Saskatchewan.
Under the terms of the placement, which was announced on August 21, 2020, the Vancouver-based company issued a total of 4.7 million units at a price of 25 cents each. These units are comprised of one common share in SKRR Exploration and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.50 for a period of 18 months from the date of issuance.
In connection with the placement, SKRR Exploration issued a finder’s fee worth $35,750 in cash and 108,500 non-transferable finder’s warrants to certain parties as consideration for their services. These warrants will also be exercisable at a price of $0.50 per share for a period of 18 months.
The proceeds raised will be used to fund exploration work at the company’s portfolio of properties in Saskatchewan’s Trans Hudson Corridor.
Sherman Dahl, President and CEO of SKRR Exploration, thanked the company’s new and existing shareholders for continued support.
“Closing this financing has placed SKRR in a strong position to push forward with an aggressive exploration program in Saskatchewan within the Trans Hudson Corridor.
“This oversubscribed financing allows us to not only complete our previously announced drill program which will commence within weeks, but it is further anticipated that efforts will be expanded on all fronts thereafter,” he said.
The Trans Hudson Corridor is considered to be largely under-explored and hosts the La Ronge Gold Belt, which forms part of the same geologic structure as the prolific Homestake Gold Mine.
SKRR Exploration (SKRR) is currently up 6.06 per cent and is trading at 35 cents per share at 11:34am EDT.