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SKRR Exploration Inc. Signs Definitive Agreements to Acquire Manson Bay Mineral Claims in Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - September 1, 2020) - SKRR Exploration Inc. ( TS...
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"SKRR Exploration Inc. Signs Definitive Agreements to Acquire Manson Bay Mineral Claims in SaskatchewanVancouver, British Columbia--(Newsfile Corp. - September 1, 2020) - SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q) (\"SKRR\" or the \"Company\") is pleased to announce it has entered into an acquisition agreement (the \"EPL Agreement\") to acquire a 100% interest in Eagle Plains Resources Ltd.'s (\"EPL\") Manson Bay South Property consisting of nine (9) mineral claims compromising a total of approximately 4,228 hectares dated August 31, 2020 and a non-arm's length acquisition agreement (the \"Edge Agreement\") to acquire a 100% interest in Edge Geological Consulting Inc.'s (\"Edge\") adjacent Manson Bay Property consisting of four (4) mineral claims compromising a total of 64.537 hectares dated August 31, 2020 (the EPL Agreement and the Edge Agreement, together the \"Acquisition Agreements\"). The claims to be acquired pursuant to the Acquisition Agreements are located in the Trans Hudson Corridor in east-central Saskatchewan, approximately 40km northwest of the historic mining center of Flin Flon, on the Manitoba border.Terms of the Acquisition Agreements Under the terms of the Acquisition Agreements, SKRR will acquire a 100% interest in the Manson Bay South Property and the Manson Bay Property by making a cash payments of CAD$10,000 and issuing 750,000 common shares of SKRR to each of EPL and Edge (for aggregate consideration of CAD$20,000 of cash and 1,500,000 common shares) upon Exchange approval of the Acquisition Agreements. The Acquisition Agreements provide for an over-riding 2% net smelter return royalty in favour of EPL and Edge, respectively (subject to a buy down to 1% for CAD$1,000,000). Pursuant to the Acquisition Agreements, EPL will be the initial operator on both the Manson Bay and Manson Bay South claim packages, and EPL and Edge will alternate as operator every two years thereafter. The Acquisition Agreements are subject to acceptance by the TSX Venture Exchange. All securities issued pursuant to the Acquisition Agreements are subject to a four month hold period from the closing date in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The acquisition agreement with Edge is not an \"Arm's Length Transaction\" as such term is defined in the Exchange's Policy 1.1 and theref...