VANCOUVER, June 10, 2019 /CNW/ - Strategic Resources Inc.
(TSXV: STI) (the "Company" or "Strategic") is pleased to
announce receipt of TSX Venture Exchange approval to and the
closing of: (i) its option to acquire up to a 100% interest
in the Silasselkä Project owned by Aurion Resources ("Aurion"), and
(ii) its option to acquire up to a 100% interest in the Akanvaara
Project owned by Magnus Minerals ("Magnus") (the "Options"), which
were previously announced on April 24,
2019.
Strategic has also closed the previously announced non-brokered
private placement financing of 16.1 million shares (the "Common
Shares") at a price of C$0.23 per
share, for aggregate gross proceeds of C$3.7
million (the "Offering"). The use of proceeds will be to
fund the cash portion of the Options, exploration expenditures,
repayment of debt, general corporate purposes and working
capital. The Common Shares issued in the Offering are subject
to a four month hold period. In connection with the Offering,
finder's fees of 4% were paid on the proceeds from certain
subscribers to Haywood Securities Inc. and PI Financial Corp.
Pursuant to the Options, Strategic has made initial payments by
issuing 3,000,000 shares and paying C$500,000 to Aurion; and issuing 2,500,000 shares
and paying C$143,750 to Magnus.
To maintain the Options in good standing, Strategic will undertake
at least C$1,000,000 of exploration
expenditures on Aurion's Silasselkä Project, and C$750,000 on Magnus's Akanvaara Project within
the next 12 and 24 months respectively. For full details of
the three-year Options, see the Company's news release of
April 24, 2019. Concurrent with
this news release, the Company has filed technical reports for each
of the Silasselkä Project and the Akanvaara Project on SEDAR (as
reviewed by the TSX Venture Exchange), and readers are invited to
review each of the reports in full for further details on the two
projects.
Post the closing of the Offering and initial Option payments,
Aurion and Magnus will own 9.6% and 8.0% of Strategic's outstanding
common shares, respectively.
Mark Tommasi, Steven Brassard and Blair McIntyre have stepped down as CEO and
Director, CFO, and Director respectively. Scott Hicks and
Martin Rip have assumed the roles of CEO & Director and CFO.
Leo Hathaway has been appointed as
VP Exploration. Lyle Braaten has
been appointed as VP Legal and Corporate Secretary. Mark Serdan and Timo Mäki (being representatives
of Aurion and Magnus, respectively) have been appointed to the
board.
In connection with the Option with Aurion, a finder's fee of
387,000 shares was paid to Medalist Capital Ltd., (reduced from the
previously disclosed 400,000 shares). The shares issued to
Medalist are subject to a four month hold period.
Strategic has successfully applied for a ticker change and will
begin trading on the TSX Venture Exchange under the symbol "SR"
commencing on June 17, 2019.
Strategic will continue to trade under its existing symbol, "STI"
until the close of trading on June 14,
2019.
About Strategic Resources
Strategic Resources Inc. is a Vancouver, Canada based mineral exploration
and development company that is focused on vanadium projects in
Finland and Peru. The Company continues to evaluate new
opportunities that are related to the electrification of the
economy.
Further details are available on the Company's website
at https://strategic-res.com/.
STRATEGIC RESOURCES INC.
Signed: "Scott Hicks"
Scott Hicks, 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 news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include but are not limited to statements or
information with respect to Strategic earning any interest in
either of the Silasselkä Project or the Akanvaara Project,
or trading under the symbol "SR" starting on June 17, 2019. Often, but not always,
forward-looking statements or information can be identified by the
use of words such as "will", "should" or variations of those words
and phrases or statements that certain actions, events or results
"will" or "should" be taken, occur or be achieved. There is no
assurance Strategic will be successful in completing any of the
transactions on the terms outlined above, or at all.
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content:http://www.prnewswire.com/news-releases/strategic-resources-closes-financing-and-vanadium-project-options-300864767.html
SOURCE Strategic Resources Inc.