Strategic Resources Announces Non-Brokered Private Placement
19 November 2010 - 9:02PM
PR Newswire (Canada)
REGINA, Nov. 19 /CNW/ -- TSX.V:UVR REGINA, Nov. 19 /CNW/ -
Strategic Resources Inc. ("Strategic" or "the Corporation") (TSX-V:
UVR), announces that it has completed the private placement of
8,000,000 units announced on November 2, 2010. Each unit (a "Unit")
was priced at $0.065 per Unit for gross proceeds of $520,000. Each
Unit consists of one (1) common share (the "Share") and one share
purchase warrant (a "Warrant"). Each Warrant entitles the holder to
acquire a further common share of the Company at a price of $0.11
until November 17, 2012. A cash fee of $38,480 and 592,000
compensation options to acquire units at $0.065 per unit
("Compensation Units") were issued. Each Compensation Unit is
comprised of one (1) common share and one non-transferable share
purchase warrant (the "Compensation Warrant"). Each Compensation
Warrant entitles the holder to purchase one (1) common share (the
"Warrant Shares") of the Company at a price of $0.11 per Warrant
Share until November 17, 2012. All of the securities referred to
herein are legended and restricted from trading until at least
March 18, 2011. Insiders of the Company subscribed for 4,000,000
Units for gross proceeds of $260,000. The insider private
placements are exempt from the valuation and minority shareholder
approval requirements of Multilateral Instrument 61-101
("MI61-101") by virtue of the exemptions contain in section 5.5(a)
and 5.7(1) (a) of MI 61-101 in that the fair market value of the
consideration for the securities of the Company issued to the
insiders does not exceed 25% of its market capitalization. The
funds will be used for exploration on the Company's properties and
for working capital. About Strategic Resources Strategic Resources
is a Canadian based junior exploration company with
uranium/vanadium exploration projects in Catron County, New Mexico,
Rare Earth exploration projects in Lincoln County and Socorro
County, New Mexico and a Lithium project in Malheur County, Oregon.
More information about the company is available on line at
www.strategicresourcesinc.ca. Disclaimer: Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward looking statements: This news release may contain certain
forward-looking inferences or statements. These forward-looking
inferences or statements are subject to a variety of risks and
uncertainties beyond the Corporation's control or prediction and
could cause actual events or results to differ materially from
those anticipated in such forward-looking statements. Although the
Corporation believes that the assumptions inherent in the
forward-looking statements are reasonable, undue reliance should
not be placed on these forward-looking statements. pbMalcolm
Bucholtz, President & CEO,/b Tel:1.306.525.0852 a
href="mailto:newmexicouranium@gmail.com"newmexicouranium@gmail.com/a/p
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