REGINA, Feb. 7 /CNW/ - Strategic Resources Inc. ("Strategic" or "the Corporation"), announces that it is undertaking a non-brokered private placement
consisting of up to 6,800,000 units (the "Units") at a price of $0.11
per Unit to qualified investors, to raise up to $748,000. Each Unit
consists of one common share and one share purchase warrant exercisable
into an additional common share of the Company at a price of $0.16 per
share in Year 1 and $0.21 per share in Year 2.
Insiders may subscribe for up to $220,000 of the Offering representing
up to 2,000,000 Units. 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 MI61-101 in that the fair
market value of the consideration for the securities of the Corporation
to be issued to insiders does not exceed 25% of its market
Finders' fees may be paid in accordance with TSX Venture Exchange
policies. Proceeds of the offering will be used for reclamation bonding
and for drilling on the Corporation's mineral exploration projects in
New Mexico, USA.
The completion of the Offering is subject to the approval of the TSX
About Strategic Resources
Strategic Resources is a Canadian based junior exploration company with
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.
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.
SOURCE Strategic Resources Inc.
For further information:
Malcolm Bucholtz, President & CEO,