Strategic Resources Closes Non-Brokered Private Placement

REGINA, Feb. 24 /CNW/ -- 
TSXV: UVR


REGINA, Feb. 24 /CNW/ - Strategic Resources Inc. ("Strategic" or "the Corporation") (TSXV: UVR), announces that it has completed the private placement of 6,800,000
 units announced on February 7, 2011. Each unit (a "Unit") was priced at
 $0.11 per Unit for gross proceeds of $748,000. Each Unit consists of
 one (1) common share (the "Share") and one share purchase warrant (a
 "Warrant"). Each Warrant entitles the holder to acquire a further
 common share of the Company at a price of $0.16 until February 22, 2012
 or at a price of $0.21 until February 22, 2013. A cash fee of $45,920
 and 417,454 compensation options to acquire units at $0.11 per unit
 ("Compensation Units") were issued. Each Compensation Unit is comprised
 of one (1) common share and one non-transferable share purchase warrant
 (the "Compensation Warrant"). Each Compensation Warrant entitles the
 holder to purchase one (1) common share (the "Warrant Shares") of the
 Company at a price of $0.16 per Warrant Share until February 22, 2012
 or at a price of $0.21 until February 22, 2013.


All of the securities referred to herein are legended and restricted
 from trading until at least June 23, 2011.


An insider of the Company subscribed for 2,000,000 Units for gross
 proceeds of $220,000. The insider private placement is exempt from the
 valuation and minority shareholder approval requirements of
 Multilateral Instrument 61-101 ("MI61-101") by virtue of the exemptions
 contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair
 market value of the consideration for the securities of the Company
 issued to the insiders does not exceed 25% of its market
 capitalization.


The funds will be used for reclamation bonding and for drilling on the
 Company's mineral exploration projects in New Mexico, USA.


About Strategic Resources
Strategic Resources is a Canadian based junior exploration company with
 uranium/vanadium exploration
projects in Catron County, New Mexico, Rare Earth exploration projects
 in Lincoln County and Socorro
County, New Mexico and a Lithium project in Malheur County, Oregon. More
 information about the company
is available on line at www.strategicresourcesinc.ca.


Disclaimer:
Neither the TSX Venture Exchange nor its Regulation Services Provider
 (as that term is defined in the policies of the TSX Venture Exchange)
 accepts responsibility for the adequacy or accuracy of this release.


Forward looking statements:
This news release may contain certain forward-looking inferences or
 statements. These forward-looking inferences or statements are subject
 to a variety of risks and uncertainties beyond the Corporation's
 control or prediction and could cause actual events or results to
 differ materially from those anticipated in such forward-looking
 statements. Although the Corporation believes that the assumptions
 inherent in the forward-looking statements are reasonable, undue
 reliance should not be placed on these forward-looking statements.


To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/24/c5668.html



pbMalcolm/bbBucholtz, President & CEO/b, Tel:[phone], a href="mailto:[e-mail]"[e-mail]/a/p

Copyright