Business
SKRR Closes Ithingo Lake Property Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - March 13, 2020) - SKRR Exploration Inc. ( TSXV:...
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"SKRR Closes Ithingo Lake Property Option AgreementVancouver, British Columbia--(Newsfile Corp. - March 13, 2020) - SKRR Exploration Inc. (TSXV: SKRR) (\"SKRR\" or the \"Company\") is pleased to announce that it has received final approval from the TSX Venture Exchange (the \"Exchange\") for the previously announced option agreement to acquire to acquire 100% of the Ithingo Lake property (the \"Property\") from Edge Geological Consulting Inc. (\"Edge\"), a company owned and controlled by Ross McElroy, a director of SKRR. Edge holds 100% unencumbered title rights to 12 contiguous mineral claims encompassing approximately 2,849 ha. The Property is situated in the north-central region of the province of Saskatchewan, approximately 125 km northeast of the village of Buffalo Narrows and approximately 235 km to the northwest of the town of La Ronge, SK. Terms of the Option Agreement The previous option agreement dated March 3, 2020, has been replaced and superseded by an update option agreement (the \"Option Agreement\") pursuant to which, SKRR may acquire a 100% interest in the Property by making certain cash payments and share payments of common shares in the capital of SKRR to Edge and the completion of certain expenditures on the Property as follows: Cash payable:CAD$50,000 within five (5) days of receipt of final TSX Venture Exchange (\"Exchange\") approval of the Option Agreement (the \"Approval Date\"); CAD$75,000 within one (1) year of the Approval Date; SKRR common shares:1,633,977 common shares within thirty (30) days of the Approval Date;Net Smelter Returns Royalty (\"NSR Royalty\"):2.0% NSR Royalty to Edge with SKRR's option to repurchase 1.0% NSR Royalty for CAD$1.0 million, leaving Edge with a 1% NSR Royalty; and Work Expenditures: $100,000 of expenditures on the Property on or before the 1st anniversary of the Option Agreement; $300,000 of cumulative expenditures on the Property on or before the 2nd anniversary of the Option Agreement; and $500,000 of cumulative (total) expenditures on the Property on or before the 3rd anniversary of the Option Agreement. Pursuant to the requirements of the Exchange, the common shares issuable to Edge under the Option Agreement will be subject to resale restrictions and legended accordingly, released as to 10% four months and one day following the date of issuance and an additional 15% e...