/NOT FOR DISTRIBUTION TO
Effective at the opening of the market on
Shareholders who hold their shares in brokerage accounts or in "street name" are not required to take any action to effect an exchange of their shares. Registered shareholders will receive a letter of transmittal from
The Consolidation will reduce the issued and outstanding common shares of the Company from 76,276,702 to 15,255,340 common shares. Upon completion of the Consolidation and the Offering, 15,710,340 common shares of the Company will be issued and outstanding. The exercise or conversion price of warrants and stock options and the number of common shares issuable thereunder will also be proportionately adjusted pursuant to the Consolidation. The number of post-Consolidated common shares received will be rounded up to the nearest whole number for fractions of 0.5 or greater and rounded down to the nearest whole number for fractions of less than 0.5. Pursuant to the provisions of the Business Corporations Act (
After the Consolidation, the Company will close a non-brokered private placement (the "Offering") for aggregate gross proceeds of
Each Unit consists of one common share of the Company ("Unit Share") and one common share purchase warrant ("Warrant"). Each FT Unit consists of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (
Additional details regarding the Offering will be provided in a subsequent news release upon the closing of the Offering. The closing of the Offering is subject to the final approval of the Exchange.
SKRR is a Canadian-based precious and base metal explorer with properties in
President & CEO
Tel: 250-558-8340
Neither the
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "
This news release contains "forward–looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements relating to the Consolidation and the Offering, the intended use of proceeds of the Offering and other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel to carry out work programs, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR at www.sedar.com. There is a possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, decrease in the price of gold, copper, nickel, uranium and other metals, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
SOURCE
© Canada Newswire, source