Skarb Exploration Corp. (CNSX:SKRB) announced a private placement of up to 30,000,000 units at a price of CAD 0.20 per unit for the gross proceeds of up to CAD 6,000,000 on October 15, 2020. The transaction will include participation from Petratherm Limited (ASX:PTR) for 20,000,000 units.

Each unit will consist of one common share of the company and a half of one warrant. Each warrant will entitle the holder to purchase one additional share at a price of CAD 0.50 for a period of 24 months from the date of issuance. The warrants will be subject to an accelerated expiry at the company's discretion if the volume weighted average trading price of the company's shares is greater than CAD 0.75 per share for a period of 10 consecutive trading days.

If the company gives notice to the holders of the acceleration event, the warrants will expire 30 days thereafter. The transaction is subject to approval of regulatory approval. All securities to be issued in the transaction will be subject to a four-month hold period under applicable Canadian securities laws.

The company may pay finders' fees in the transaction in accordance with the policies of the Canadian Securities Exchange. The company may increase the size of the transaction at its discretion.