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Shares outstanding: 25,455,527
SRA Announces Second Closing of Equity Financing
March 3, 2011, Toronto, Ontario; Strategic Resource Acquisition Corporation("SRA") (CNSX: SRZ) is pleased to announce that it has raised $245,076 in a second closing in order to advance its Lagoa Salgada base metal project in south western Portugal.
The second closing of the financing consists of 2,042,300 units at a price of $0.12 per unit. Each unit consists of one common share and one warrant to purchase a common share at $0.18 for a period of 18 months from the date of closing. SRA will use the aggregate net proceeds of the financings primarily to undertake additional drilling, geological and geophysical work, metallurgical testing and for working capital. In aggregate, the Company has raised gross proceeds of $1,489,052 to date in respect of the current financing.
The second closing of the financing was non-brokered. SRA has agreed to pay a finders’ fee of $15,600 in cash and 163,384 broker warrants to purchase common shares at $0.12 per share for a period of 18 months from the date of closing.
The Lagoa Salgada property in Portugal is located at the northwest extension of the Iberian Pyrite belt, which hosts numerous past and current producing mines in both Spain and Portugal. SRA will seek to build on the previous historical drilling results, do additional work and update the NI 43-101 report that was prepared for the previous operator of the concession.
SRA is a Toronto-based mineral development company, focused on acquisition and development of base and precious metal properties in Canada and in low-risk foreign locations.
For more information please contact:
Peter F. Chodos
Strategic resource Acquisition Corporation
416.216.3571
pchodos@orereserve.ca
