SKRR Exploration (TSXV: SKRR) quietly announce after the bell last night that it has increased the size of its ongoing flow through private placement. Initially pegged at $1.82 million, the financing has been increased in size to $2.2 million. Following the increase, the financing is said to b closing immediately.
The flow through financing, being conducted at $0.28 per share, will see funds raised put towards the further exploration of its Olson Property, located in the Trans Hudson Corridor of Saskatchewan. SKRR currently has an option to acquire a 75% interest in the property from that of Eagle Plains Resources. Funds are also to be put towards the exploration of the firms Irving / Leland project, also located within Saskatchewan.
The exploration program at the Olson property is currently ongoing, with the company announcing last week that seven holes to date have been completed. 968 metres of drilling are reported as being completed thus far, as part of what was initially a 1,850 drill program with 12 holes planned. However, with the announcement of the initial flow through financing, the company indicated that the program was to be expanded upon.
No warrant is being offered within the current flow through offering. Further, the company identified that the offering “was taken up primarily by major Canadian mining investors and institutional players.”
SKRR Exploration last traded at $0.36 on the TSX Venture.
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