/NOT FOR DISTRIBUTION TO
- units of the Company (each, a "Unit") at a pre-Consolidation price of
C$0.04 per Unit and a post-Consolidation price ofC$0.20 per Unit; and - flow-through units of the Company (each, a "FT Unit", and together with the Units, the "
Offered Securities ") at a pre-Consolidation price ofC$0.05 per FT Unit and a post-Consolidation price ofC$0.25 per FT Unit.
Each Unit will consist of one common share of the Company (each, a "Unit Share") and one common share purchase warrant (each, a "Warrant"). Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (
The Company intends to use the proceeds of the Offering for the exploration of the Company's projects in
The closing of the Offering is subject to receipt of all necessary regulatory approvals including the
This Consolidation will reduce the issued and outstanding common shares of the Company from 76,276,702 to approximately 15,255,340 common shares, assuming no other change in the issued capital of the Company and prior to the completion of the Offering. The exercise or conversion price of warrants and stock options and the number of common shares issuable thereunder will also be proportionately adjusted upon the completion of the Consolidation. The number of post-consolidated common shares to be received will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5.
Pursuant to the provisions of the Business Corporations Act (
The Company will apply to the TSXV for approval of the Consolidation. The Company's common shares will commence trading on a post-consolidated basis on a date to be determined in consultation with the TSXV, which date will be announced in a subsequent news release once confirmed. The Company's name and trading symbols will remain unchanged.
The board of directors and management believe that the share consolidation is necessary to provide the Company with a share structure that will better attract capital financing and that will provide for future growth opportunities.
The Company intends to close the Offering immediately after the Consolidation.
SKRR is a Canadian-based precious and base metal explorer with properties in
ON BEHALF OF THE BOARD
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 that address the Offering, expected use of proceeds, the Consolidation 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.
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