Business
Skarb Exploration Corp. Upsizes and Closes $11.4M Private Placement
Vancouver, British Columbia - TheNewswire - November 17, 2020 - Skarb Exploration Corp. (CSE:SKRB) (CNSX:SKRB.CN) ("Skarb" or the "Company") is pleased to repor
About this update from Valkea Resources Corp
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - November 17, 2020 - Skarb Exploration Corp. (CSE:SKRB) (CNSX:SKRB.CN) (\"Skarb\" or the \"Company\") is pleased to report that it has closed the non-brokered private placement (the \"Private Placement\") previously announced on October 15, 2020. Due to significant demand, the original $6,000,000 financing was upsized to C$11,406,000. President and CEO, Chris Donaldson stated \"The Company is now well-funded for drilling and exploration on the four key Fosterville goldfield properties we intend to acquire shortly. The response to this offering was incredible and is a testament to the quality and excitement of our assets which are located in a district that hosts what many consider the highest grade and highest margin mine in the world. With these funds and the support from our new and existing shareholders we are excited to move forward and explore the potential of the projects. The increased capital raised will allow initiation of a robust multi-phase program. With the development of our core technical and geological team, we look forward to detail our exploration plans shortly after the closing of the Petratherm transaction.\" Pursuant to the Private Placement, Skarb issued 57,030,000 units of the Company (the \"Units\"). Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each a \"Warrant\"). Each full Warrant entitles the holder to acquire one common share of the Company for a period of two years at a price of $0.50, subject to an accelerated expiry if the volume weighted average trading price of the Company's shares is greater than $0.75 per share for a period of 10 consecutive trading days (the \"Acceleration Event\"). The Company may give notice to the holders of the Acceleration Event and the Warrants will expire 30 days thereafter. The Company paid finders' fees on a portion of the Private Placement in the form of cash for a total of $447,810 and 2,253,450 broker warrants at $0.50 for a period of 24 months from closing. All securities issued pursuant to the Private Placement will be subject to a four-month hold period under applicable Canadian securities laws. Net proceeds from the Private Placement will be used for exploration expenditures and for working capital. Certain of the Company's directors and officers participa...