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").
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.
SOURCE SKRR Exploration Inc.