SKRR Exploration (TSXV: SKRR) has closed the first tranche of its ongoing private placement, raising gross proceeds of $982,500 through the sale of 3,930,000 units of the company. Net proceeds from the financing are largely to be utilized for ts ongoing exploration in the Trans Hudson Corridor within the province of Saskatchewan.
Each unit was priced at $0.25, and comprised of one common share and one half warrant. Each warrant is exercisable at a price of $0.50 per share for a period of 18 months following the closing of the placement. 3,930,000 units were issued in connection with the first tranche of the offering.
Two directors involved with the company took part in the placement as well, in total taking down 150,000 units of the company to expand their personal holdings while demonstrating their faith in the firm. The two members were Michael Halvorson and Ron Netolitzky, two respected industry experts whom currently reside on SKRR’s advisory board.
Net proceeds are said to be used for payments and exploration expenditures for SKRR’s mineral projects, corporate development, and general corporate and working capital purposes. SKRR currently has several mineral properties in Saskatchewan, where it is looking to move towards conducting drilling on high-priority targets this summer. Current exploration is being conducted in close proximity to the mining operations being conducted in the province by Seabee Mining.
SKRR Exploration last traded at $0.31 on the TSX Venture.
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