SKRR Exploration (TSXV: SKRR) has closed a private placement just five days after announcement. The financing, conducted at $0.25 per unit, saw gross proceeds of $1.2 million raised, which will be put towards an aggressive exploration program within Northern Saskatchewan in the Trans Hudson Corridor.
The financing, price at $0.25 per unit, saw a total of 4,701,000 units of the company sold. Each unit consisted of one common share and one half of a common share purchase warrant. The warrants have an exercise price of $0.50, and are valid for a period of 18 months from the date of issuance.
Insiders also participated in the financing to a small degree, with 500,000 units being acquired by members of management.
Proceeds from the financing will be used for exploration expenditures on the firms Saskatchewan exploration projects, corporate development, and general working capital.
SKRR Exploration last traded at $0.33 on the TSX Venture.
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