TSX.V: UVR
REGINA, June 11 /CNW/ - Strategic Resources Inc. ("Strategic Resources" or the "Corporation"), is pleased to announce the completion of the sale to Red Rock Energy Ltd. ("Red Rock") of the Corporation's interests in and to its mineral claims located near Uranium City in the Province of Saskatchewan (the "Sale"). The Sale was approved at a special meeting of shareholders of the Corporation held on February 13, 2009. Additional information regarding the Sale can be found in the Corporation's press releases dated November 28, 2008 and February 13, 2009 and the letter agreement dated November 24, 2008 between the Corporation and Red Rock (which is available under the Corporation's profile on SEDAR at www.sedar.com).
On closing of the Sale, the Corporation received $75,000 in cash and 5 million common shares of Red Rock (issued from treasury at a deemed value of $0.18 per common share).
As a result of the Sale, the Corporation acquired the ownership and control of approximately 15.3% of the issued and outstanding common shares of Red Rock. Prior to the Sale the Corporation did not own or control any securities of Red Rock. The common shares of Red Rock are listed and posted for trading on the TSX Venture Exchange under the symbol "RRK".
Strategic Resources acquired the 5 million common shares of Red Rock for investment purposes and has no present intention to acquire further securities of Red Rock, although the Corporation may in the future acquire or dispose of securities of Red Rock, through the market, privately or otherwise, as circumstances or market conditions warrant.
About Strategic Resources
Strategic Resources is a Canadian based junior exploration company with an exploration project in Catron County, New Mexico. Strategic Resources has a registered office located at No.800 - 365 Bay Street, Toronto, Ontario, M5H 2V1. Additional information about Strategic Resources is available on line at www.strategicresourcesinc.ca.
Forward looking information:
This press release contains forward-looking information which is not comprised of historical facts, including those identified by the expressions "intend," "may" and similar expressions. The forward-looking information reflects the Corporation's current expectations regarding future results or events. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this press release includes, but is not limited to, the Corporation's intentions regarding the acquisition and/or the disposition of securities of Red Rock. Factors that could cause actual results or events to differ materially from those described in such forward-looking information include, but are not limited to, adverse general market conditions, adverse changes in commodity prices, and those other risks set out in the respective public documents of the Corporation and Red Rock which are filed on SEDAR. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information are reasonable, readers are cautioned not to place undue reliance on such forward-looking information, which only applies as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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