|TORONTO, ONTARIO--(Marketwire - March 1, 2011) - Strategic Resource Acquisition Corporation ("SRA") (CNSX:SRZ) is pleased to announce that it has raised $1,243,976.40 in a first closing in order to advance its Lagoa Salgada base metal project in south western Portugal.
The first closing of the financing consists of 10,366,470 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 net proceeds of the proposed financing primarily to undertake additional drilling, geological and geophysical work, metallurgical testing and for working capital.
SRA engaged D&D Securities Inc. to act as agent to place, on a best efforts basis, the units with accredited investors in Canada. SRA has agreed to pay the agent a cash fee of 8% of the proceeds raised and broker warrants to purchase common shares at $0.12 per share for a period of 18 months from the date of closing in the amount of 8% of the number of units sold.
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.