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Strategic Resources Closes First Tranche of Subscription Receipts
Strategic Resources Closes First Tranche of Subscription Receipts Canada NewsWire ...
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n \n \n \n Strategic Resources Closes First Tranche of Subscription Receipts\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 28, 2023\n \n \n /CNW/ -\n \n Strategic Resources Inc.\n \n (TSXV: SR) (the \"Company\" or \"Strategic\") is pleased to announce it has closed its first tranche of the\n \n $13.5 million\n \n subscription receipts (the \"Receipts\" or \"Receipt Offering\") financing announced on\n \n December 13, 2022\n \n . The\n \n $9.2 million\n \n first tranche consisted of\n \n $4.3 million\n \n from Orion Resource Partners (\n \n USA\n \n ) LP,\n \n $3.0 million\n \n from\n \n Ross Beaty\n \n and\n \n $1.9 million\n \n from other investors. The\n \n $4.3 million\n \n balance of the Receipts is expected from Investissement Québec following necessary authorizations.\n \n \n \n \n Offering Details\n \n \n \n \n Strategic intends to issue a total of 27,000,000 Receipts at\n \n $0.50\n \n per Receipt for gross proceeds of\n \n $13,500,000\n \n . Each Receipt will automatically convert to one common share of the Company on closing of the Company's acquisition of BlackRock Metals Inc. In the event the acquisition fails to close by\n \n March 31, 2023\n \n (or such other date as may be agreed upon), the Receipt proceeds will be returned to investors without interest or deduction. The Company plans to use the net proceeds from the Receipts to advance BlackRock Metals Inc. to a construction decision, continue permitting and pre-feasibility study work at Mustavaara, and for general corporate purposes. The Receipts are subject to certain conditions customary for placements of this nature, including approval of the TSXV. Investissement Québec's participation in the Receipt Offering is subject to final authorizations prior to closing.\n \n \n All prices are on a pre-consolidated basis.  All securities issued in the Receipt Offering will be subject to a statutory hold period of four months and one day.\n \n \n The securities to be offered pursuant to the Receipt Of...