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Skarb Exploration (CSE:SKRB) has Announced a non-brokered Private Placement

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The company is looking to raise gross proceeds of up to $6 million from the placement of up to 30 million units priced at $0.20 per unit. The units consist of 1 share and one-half warrant, with each full warrant exercisable at $0.50 for 24 months, subject to an acceleration clause.

Additional Information:

Company: Skarb Exploration
Website: http://www.OutbackGoldfields.com
Stock Symbol: CSE: SKRB
Date Published: Oct 15, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Skarb Exploration has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $6 million from the placement of up to 30 million units priced at $0.20 per unit.

The units consist of 1 share and one-half warrant, with each full warrant exercisable at $0.50 for 24 months, subject to an acceleration clause.

The shares are currently trading at $0.28.

Proceeds will be used for the exploration and development of its mineral exploration projects and for general working capital.

Skarb is undergoing a fundamental change which started with the recent appointment of Chris Donaldson as CEO and Director.

Chris is an experienced executive with a 25-year track record of raising funds and building out new investment channels for both public and private companies.

The company is also undergoing a name change to Outback Goldfields Corporation subject to shareholder and any regulatory approvals.

Craig Parry, Chairman, stated: “We are extremely pleased that Chris will lead our company as we plan to acquire and advance an outstanding package of properties in and around the historic goldfields of Fosterville and Ballarat. Chris is well recognized in the mining industry, has a proven track record of leading companies in capital markets, corporate development and government and community relations. We look forward to him joining our team and helping to build value for our shareholders.”

Chris Donaldson, incoming CEO, added: “I have looked at many opportunities over the last year, but the opportunity presented with Skarb to acquire and advance projects in such a high grade, low cost mining jurisdiction while being supported by Craig Parry made it an easy decision.”

On October 9th, the company signed a definitive asset purchase agreement with Petratherm to acquire a package of highly prospective gold projects located in and around the Fosterville Gold mine in Victoria, Australia.

Petratherm has the option to acquire 20 million units of the private placement under the same terms.

The projects consist of one exploration license and three exploration license applications known as the
Silver Spoon Orogenic Gold, the Yuengroon Orogenic Gold Project, and the Ballarat West Gold Project.

The Silver Spoon project is located approximately 30 kilometers east of Bendigo, on highly prospective ground positioned between the operating Fosterville and Costerfield Gold Mines.

The area contains several historic gold and other mineral prospects in areas of outcrop.

The Yuengroon Project is located approximately 80 kilometers north-east of Bendigo and covers a large area of 687 square kilometers over the historic northern Wedderburn Goldfield.

The tenure extends westwards to cover a large 32 kilometer strike continuance of the Golden Jacket Fault which shows several important historical gold occurrences.

The company also acquires Petratherm’s right, title and interest in a mining and joint venture agreement for the
Glenfine Gold Project, subject to an option held by the other joint venture partners.

For more information, please visit the company’s website at www.OutbackGoldfields.com, contact Chris Donaldson, CEO, at 604-813-3931 or by email at cdonaldson@OutbackGoldfields.com.

I’m Cassandra Bolinski for Investmentpitch Media