Scottie Resources Announces Private Placement – Geneva-Based Family Office to Increase Holdings To 9.9%
02 Juin 2020 - 12:15AM
Scottie Resources Corp. (“
Scottie” or the
“
Company”) (TSXV: SCOT), is pleased to announce a
single issue non-brokered private placement offering of up to
4,400,000 units (each a “
Unit”) at a price of
$0.22 per Unit, for gross proceeds of up to $968,000 (the
“
Offering”). Each Unit consists of one common
share and one half of one common share purchase warrant (each whole
warrant a “
Warrant”). Each Warrant will be
exercisable into one common share of the Company at a price of
$0.34 for a period of two years from closing. If fully subscribed,
the Offering will increase the position of a Geneva-based family
office to an approximate 9.9% ownership of Scottie Resources on a
partially diluted basis.
The proceeds raised by the Company from the
Offering will be used to strategically advance the Company’s
mineral properties, located in the Golden Triangle region of
British Columbia, and for working capital.
CEO, Bradley Rourke commented, “We are happy to
increase the position of one of our European partners to 9.9% in
advance of our upcoming drill program. The proceeds from this
financing will provide opportunity for Scottie to advance our
projects in the southern Golden Triangle. We are fortunate to have
the continued support of our existing shareholders, and look
forward to delivering another successful exploration program.”
Finder's fees of 6% cash and 6% finder’s
warrants will be paid in connection with the completion of the
Offering, in accordance with TSX Venture Exchange policies.
The closing of the Offering is subject to
certain conditions including, but not limited to, the receipt of
all necessary approvals, including the approval of the TSX Venture
Exchange.
All of the securities issuable pursuant to the
Offering will be subject to a four-month hold period from the date
of closing.
This news release does not constitute an offer
to sell or a solicitation of an offer to sell any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
ABOUT SCOTTIE RESOURCES
CORP.
Scottie owns over 24,000 hectares in the
prolific Golden Triangle region of British Columbia, including a
100% interest in the high-grade, past-producing Scottie Gold Mine
and Bow properties and has the option to purchase a 100% interest
in Summit Lake claims which are contiguous with the Scottie Gold
Mine property. Scottie also owns 100% interest in the Cambria
Project properties and the Sulu property.
All of the Company’s properties are located in
the area known as the Golden Triangle of British Columbia which is
among the world’s most prolific mineralized districts.
Further information on Scottie can be found on
the Company’s website at http://www.scottieresources.com and at
www.sedar.com, or by contacting Bradley Rourke, President
and CEO at (250) 877-9902 or
Rahim Lakha, Corporate Development at (416)
414-9954.
Forward Looking Statements
This news release may contain forward‐looking
statements. Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or
that events or conditions “will”, “would”, “may”, “could” or
“should” occur. Although the Company believes the expectations
expressed in such forward‐looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in forward looking statements. Forward‐looking statements are
based on the beliefs, estimates and opinions of the Company’s
management on the date such statements were made. The Company
expressly disclaims any intention or obligation to update or revise
any forward‐looking statements whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of TSX Venture Exchange) accepts responsibility for the
adequacy of accuracy of this release.
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