SKRR Exploration (TSXV: SKRR) announced last night that it is conducting a private placement for gross proceeds of $1.82 million. The financing is to consist only of common shares, with shares being sold on a flow through basis.
The company expects to raise the gross proceeds via the sale of 6.5 million common shares in the company, conducted at a price of $0.28 per share. No warrant is attached to the offering. The placement is being conducted on a non-brokered basis.
Proceeds from the private placement are to be used for exploration expenses, given the designation as being flow through shares. In particular, funds will be focused on the further exploration of the Olson property, where the company has indicated it wishes to expand the ongoing drill program. Funds will also be put towards “strategic exploration work” at the Irving / Leland project, also located in Saskatchewan.
“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. This offering will allow us to expand the ongoing Olson drill program and fund strategic exploration work on our Irving / Leland Project moving forward.”
Sherman Dahl, chief executive officer
SKRR Exploration last traded at $0.33 on the TSX Venture.
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