SKRR Exploration Enters into Share Exchange Agreement with Citizen Mining to Acquire the Bishop Lake Property in Saskatchewan

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VANCOUVER, BC, May 1, 2024 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q) ("SKRR" or the "Company") is pleased to announce that it has entered into an arm's length share exchange agreement (the "Agreement") with Citizen Mining Corp. ("Citizen") and each of the shareholders of Citizen (the "Vendors") dated May 1, 2024, pursuant to which the Company will acquire (the "Acquisition") all of the issued and outstanding shares of Citizen (the "Citizen Shares"), a private British Columbia incorporated company, that holds an option (the "Option") to acquire a one hundred percent (100%) interest in and to eleven (11) mineral claims in Saskatchewan known as the Bishop Lake Uranium Property (the "Property"). The Property is located in Saskatchewan, Canada. Citizen holds the Option pursuant to a property sale agreement (the "Sale Agreement") with Doctors Investment Group Ltd. (the "Seller") dated April 14, 2024, a private British Columbia incorporated company that is the legal, beneficial and registered holder of the mineral claims comprising the Property.

SKRR Exploration Logo (CNW Group/SKRR EXPLORATION INC.)
SKRR Exploration Logo (CNW Group/SKRR EXPLORATION INC.)

Highlights of the Proposed Acquisition

Pursuant to the Agreement, the Company has agreed to acquire all of the 17,140,000 issued and outstanding Citizen Shares (which will represent all of the outstanding securities of Citizen at the time of the closing of the Acquisition (the "Closing")) from the Vendors, and each of the Vendors agrees to sell, assign and transfer its respective Citizen Shares to the Company in consideration for the issuance by the Company of 17,140,000 common shares of the Company (the "Consideration Shares") to the Vendors on a pro rata basis, at a deemed price equal to $0.075 per Consideration Share, such that, immediately following the Closing, all of the issued and outstanding Citizen Shares will be owned by the Company and Citizen will become a wholly-owned subsidiary of the Company.

Upon Closing, the Company will assume the obligations of Citizen under the Sale Agreement. Pursuant to the Sale Agreement, in order to exercise the Option and to maintain the Option in good standing, Citizen must:

(a)  pay an aggregate of $2,000,000 in cash to the Seller as follows:

i.  $200,000 on or before April 29, 2024 (Paid);
ii. $300,000 on or before the first anniversary of the date of the Sale Agreement (the "Effective Date"); and
iii. $400,000 on or before the second anniversary of the Effective Date;
iv. $500,000 on or before the third anniversary of the Effective Date; and
v.  $650,000 on or before the fourth anniversary of the Effective Date.