VANCOUVER, BC, Jan. 22,
2024 /CNW/ -
SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q)
("SKRR" or the "Company") is pleased to announce that
further to its news release dated January
10, 2024, the TSX Venture Exchange has accepted the
amendment agreement (the "Amendment Agreement") in respect
of the option agreement (the "Option Agreement") dated
May 25, 2023 (the "Effective
Date") with F3 Uranium Corp. (TSXV: FUU) ("F3") to
acquire up to a 70% interest in the Clearwater West Property. The
Clearwater West Property is comprised of 3 contiguous mineral
claims totaling 11,786 hectares, located ~20km outside the edge and
in the south-west area of the Athabasca Basin.
The parties have agreed to amend the Option Agreement to extend
the requirement for a minimum $1,000,000 in work expenditures on the Clearwater
West Property on or before the first year anniversary of the
Effective Date until the second year anniversary of the Effective
Date, such that cumulative work expenditures of a minimum of
$3,000,000 are required on or before
the second year anniversary of the Effective Date under the
Amendment Agreement. In consideration for the extension, SKRR
issued 605,000 common shares of SKRR to F3 and is required to issue
an additional 395,000 common shares of SKRR to
F3 on or before June 1, 2024, unless
subsequent to such share issuance, F3's partially
diluted shareholdings in SKRR would exceed 10% of the issued
and outstanding shares of SKRR,
in which case SKRR shall pay $39,500 in cash to F3 in lieu thereof on or
before June 5, 2024. All common
shares issued to F3 will be subject to a four month hold period in
accordance with applicable securities laws and the policies of the
Exchange.
F3 and SKRR are non-arm's length parties (as defined
in Exchange Policy 1.1) given that they share a common senior
officer.
Sherman Dahl, CEO of SKRR, comments:
"With this amendment, SKRR is pleased to
continue its beneficial relationship with F3 and excited about the
prospects for the Clearwater West Uranium Project. We look forward
F3's recently announced spin-out of 14 early-stage uranium
exploration projects in the Athabasca basin, including
Clearwater West, into a new wholly
owned subsidiary called F4 Uranium Corp."
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
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 that address the
Amendment Agreement, future exploration work and expenditures on
the Clearwater West Property, payments under the Option Agreement
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.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 maintain all necessary
government permits, approvals and authorizations, 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 SKRR EXPLORATION INC.