VANCOUVER, BC, Aug. 19, 2024 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q) ("SKRR" or the "Company") is pleased to announce that, further to its news releases on December 4, 2023, and February 7, 2024, the Company has completed the sale of its 100% legal and beneficial interest in thirteen (13) contiguous mineral claims totaling 4,293.213 hectares located in the Province of Saskatchewan known as the Manson Bay Project (the "Property"), pursuant to the terms and conditions of a definitive asset purchase agreement (the "Definitive Agreement") dated February 7, 2024 between the Company and Military Metals Corp. (formerly, X1 Entertainment Group.) ("Military Metals").
SKRR Exploration logo (CNW Group/SKRR Exploration Inc.)
Military Metals acquisition of the Purchased Assets (as defined below) (the "Transaction") constitutes a change of business for Military Metals (the "COB") to a mineral exploration company pursuant to the policies of the Canadian Securities Exchange (the "CSE"). The Property, which is in the exploration stage, is their first material mineral property and they received shareholder approval for the Transaction and the COB at their annual general and special meeting of shareholders held on August 14, 2024.
In connection with the Transaction and the COB, Military Metals Corp. changed its name to "Military Metals Corp." and will begin trading on the CSE under its new symbol "MILI" on August 20, 2024.
Pursuant to the terms and conditions of the Definitive Agreement, SKRR sold (i) 100% of its rights, title, and interest in the Property, and (ii) all data and information in the possession of SKRR with respect to the Property and the activities conducted thereon, and together with the Property, the "Purchased Assets"). As consideration for the Purchased Assets, Military Metals issued SKRR 1,000,000 common shares in the capital of Military Metals (the "Consideration Shares") at a deemed price of $0.25 per Consideration Share. In addition to a statutory hold period of four months plus one day from the date of issuance, the Consideration Shares are subject to contractual resale restrictions pursuant to which (i) 50% will be released on the date that is four (4) months following the date of closing (the "Closing Date"), (ii) 25% will be released on the date that is six (6) months following the Closing Date, and (iii) 25% will be released on the date that is eight (8) months following the Closing Date.
About SKRR Exploration Inc.
SKRR is a Canadian-based precious and base metal explorer with properties in Saskatchewan – some of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class uranium, precious, and base metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl President & CEO Tel: 250-558-8340
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
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 sale of the Property, statements relating to the technical, financial and business prospects of the Company, its projects, its goals 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 and 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.sedarplus.ca. 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 obtain or maintain all necessary government permits, approvals and authorizations, decrease in the price of gold, copper, uranium and other metals, failure to obtain or 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.
