VANCOUVER, BC, July 8, 2026 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q) ("SKRR" or the "Company") is pleased to announce that the Company and Kenz Global Resources Ltd. ("KENZ") have entered into a third amending agreement dated July 7, 2026 (the "Amending Agreement"), amending the letter of intent dated July 31, 2025, as amended October 29, 2025 and March 17, 2026 (the "LOI"), in respect of a proposed business combination (the "Proposed Transaction"), whereby SKRR proposes to acquire all of the issued and outstanding securities of KENZ in exchange for the issuance of securities of the Company, which will result in KENZ becoming a wholly-owned subsidiary of the Company. The Company and Kenz entered into the first two amending agreements extending the outside date for the exclusivity period and completion of the Proposed Transaction to June 30, 2026. The Third Amending Agreement further extends this date to August 30, 2026 and changes other material terms regarding the Proposed Transaction.
KENZ is a private, British Columbia corporation which, through Saudi Arabian subsidiaries, owns and operates several exploration blocks located in Saudia Arabia, including its 45% ownership interest (the "Ownership Interest") in its current principal Miskah Project, comprised of 12 Exploration Licenses held through its wholly-owned subsidiary, Kenz Saudi Arabia ("KENZ Saudi"). KENZ has been designated by the Saudi Ministry of Industry and Mineral Resources as the exclusive operator and manager of the Miskah Project providing KENZ with operational control and responsibility for management of the Miskah Project and associated exploration programs. The Amending Agreement reflects this change in the principal property of KENZ, which was previously the AM ARTI Property.
KENZ is currently negotiating an agreement (the "Miskah Agreement") pursuant to which KENZ will acquire immediate beneficial, voting and economic rights in and to a further 6% interest in the Miskah Project (the "Additional Interest"), with transfer of legal title to the Additional Interest being processed under Saudi Arabian law, in consideration for 1,500,000 common shares. In addition, pursuant to the Miskah Agreement, KENZ will have the option to acquire a further 4% interest in the Miskah Project in consideration of the issuance of a further 1,000,000 common shares for a period of 36 months. KENZ currently holds a 45% interest in the Miskah Project.
KENZ also holds a 63% interest in one issued exploration and three additional pending exploration licenses located in Saudia Arabia comprising its non-principal AM ARTI Property, through KENZ Saudi.