Strategic Resource Acquisition Corporation
TSX : SRZ
TSX : SRZ.NT
TSX : SRZ.NT.A

Strategic Resource Acquisition Corporation

May 08, 2008 08:43 ET

SRA Announces Closing of Unit Offering

TORONTO, ONTARIO--(Marketwire - May 8, 2008) -

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Strategic Resource Acquisition Corporation (TSX:SRZ)(TSX:SRZ.NT)(TSX:SRZ.NT.A) ("SRA" or the "Company") today announced that it has closed the previously announced offering of units ("Units") via short-form prospectus.

A total of 6,484,000 Units were subscribed for at a price of $2.00 per Unit, for total gross proceeds of $12,968,000. Each Unit is comprised of one common share and one half of one common share purchase warrant, each whole warrant exercisable into one common share at a price of $2.50 per share for 18 months. The Unit offering was co-led by agents Blackmont Capital Inc. and Haywood Securities Inc. (the "Agents"). The Company granted the Agents an over-allotment option exercisable for 30 days after closing to acquire up to an additional 15% of the common shares and warrants issued at closing.

Proceeds of the placement will be used for the ramp-up of the Gordonsville mine, rehabilitation of the Cumberland and Elmwood mines and for general corporate purposes.

This press release is not an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, any "U.S. Persons" (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act and applicable state securities laws.

About SRA

SRA Corporation is focused on the development of the Mid-Tennessee zinc mining complex (MTM) in the State of Tennessee. The MTM is located approximately 50 miles east of Nashville with excellent infrastructure including roads, water, power, major airport and access to a well-trained workforce. MTM will produce one of the highest quality zinc concentrates in the world and efforts are underway to establish recovery methods for the valuable germanium and gallium contained in the concentrate.

Once in full production, the Gordonsville Complex at MTM is expected to be the largest zinc producer and domestic source of germanium and gallium in the continental USA.

The Company also plans to explore and develop additional properties and redeploy cash flow to pursue a strategy of accretive acquisitions.

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, the future price of zinc or other metal prices, the estimation of mineral resources and realization of mineral resource estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits and future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of regulatory matters. These statements reflect management's current beliefs and are based on information currently available. Forward-looking statements involve significant risks, uncertainties and assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including those listed in the ''Risk Factors'' section of the Company's prospectus on file with Canadian provincial securities regulatory authorities.

For further information, please email info@sra-corporation.com.

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