SKRR Exploration (TSXV: SKRR) this morning announced that it will be conducting a private placement for gross proceeds of $3.5 million. The financing follows positive drilling results at its properties located within the Trans Hudson Corridor of Saskatchewan, with highlight results including 1.09 g/t gold over 39.80 metres.
The financing will look to raise funds through a combination of units and flow through common shares. Each unit sold under the offering will consist of one common share and one common share purchase warrant, with each unit being priced at $0.27 per each. Warrants issued are to contain an exercise price of $0.40 per share, and are valid for a period of two years from the date of issuances.
Flow through common shares meanwhile are to be sold at a price of $0.30 per share, and contain no warrant.
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Net proceeds from the financing will see proceeds from the unit financing used for exploration and development working as well as general corporate and working capital purposes. Flow through shares meanwhile will see the net proceeds go towards exploration expenses.
SKRR Exploration last traded at $0.285 on the TSX Venture.
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