VANCOUVER, BC, March 29,
2023 /CNW/ - Strategic Resources Inc. (TSXV:
SR) (the "Company" or "Strategic") is pleased to announce
it has closed the final tranche of its $13.5
million subscription receipts financing announced on
December 13, 2022. The $4.3 million final tranche represents
Investissement Québec's portion of the financing.
In addition, the Company has received TSX Venture Exchange
conditional acceptance of the reverse takeover transaction announce
on December 13, 2022 involving the
Company's acquisition of BlackRock Metals Inc.
Offering Details
Strategic issued a total of 27,000,000 subscription receipts
("Receipts") at $0.50 per Receipt for
gross proceeds of $13,500,000. Each
Receipt will automatically convert to one pre-consolidated common
share of the Company on closing of the Company's acquisition of
BlackRock Metals Inc. 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.
All prices and amounts 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 from the date of
issuing the respective Receipts.
About Strategic
Resources
Strategic Resources Inc. (TSXV: SR) is a Vancouver, Canada-based mineral exploration
and development company focused on vanadium projects in
Finland. The Company is primarily
focused on its flagship Mustavaara vanadium-iron-titanium project
in Finland. The Company is
currently in the process of closing the acquisition of BlackRock
Metals Inc.
Further details are available on the Company's website
at https://strategic-res.com/. To follow future news releases,
please sign up at https://strategic-res.com/contact/.
Follow us on: Twitter or Linkedin.
STRATEGIC RESOURCES INC.
Signed: "Scott Hicks"
Scott Hicks, CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Completion of the acquisition of BlackRock Metals Inc. is
subject to a number of conditions, including but not limited to,
TSXV acceptance and if applicable, disinterested shareholder
approval. Where applicable, the transaction cannot close until the
required shareholder approval is obtained. There can be no
assurance that the transaction will be completed as proposed or at
all.
Investors are cautioned that, except as disclosed in the
filing statement prepared in connection with the transaction, any
information released or received with respect to the transaction
may not be accurate or complete and should not be relied upon.
Trading in the securities of Strategic should be considered highly
speculative. The TSXV has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this news release.
Cautionary Note Regarding
Forward-Looking Information
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include but are not limited to statements or
information with respect to (i) closing of the Transaction; (ii)
future uses of proceeds; and (iii) obtaining all necessary
shareholder and regulatory approvals to the Transaction. Often, but
not always, forward-looking statements or information can be
identified by the use of words such as "will" or "projected" or
variations of those words or statements that certain actions,
events or results "will", "could", "are proposed to", "are planned
to", "are expected to" or "are anticipated to" be taken, occur or
be achieved.
Although management of the Company believes that the
assumptions made and the expectations represented by all
forward-looking statements or information are reasonable, there can
be no assurance that a forward-looking statement or information
herein will prove to be accurate. Forward-looking statements and
information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause the Company's actual results, performance or achievements, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements or information. These factors include,
but are not limited to: risks associated with the business of the
Company; business and economic conditions in the mining industry
generally; the supply and demand for labour and other project
inputs; changes in commodity prices; changes in interest and
currency exchange rates; risks relating to inaccurate geological
and engineering assumptions (including with respect to the tonnage,
grade and recoverability of reserves and resources); risks relating
to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters); risks relating to adverse weather conditions; political
risk and social unrest; changes in general economic conditions or
conditions in the financial markets; and other risk factors as
detailed from time to time in the Company's continuous disclosure
documents filed with Canadian securities administrators. Strategic
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
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content:https://www.prnewswire.com/news-releases/strategic-resources-closes-final-tranche-of-subscription-receipts-301784999.html
SOURCE Strategic Resources Inc.