Scottie Resources Announces 98% Uptake on Accelerated Warrant Exercise for $2.54 Million
01 Septembre 2020 - 1:55PM
Scottie Resources Corp. (“
Scottie” or the
“
Company”) (TSXV: SCOT), is pleased to announce
that it has received $2,542,464.54 from the exercise of 11,556,657
previously issued warrants associated with a financing in the
autumn of 2019. On behalf of the Company, the board and management
are grateful for the continued support of its shareholders as we
continue to advance our Golden Triangle projects, notably the
Scottie Gold Project.
President and CEO, Bradley Rourke commented
“With an exercise rate of 98% our shareholders have resoundingly
endorsed our vision for Scottie and its inherent capacity for
continued success. Fall 2020 aims to be an exciting time for the
Company as we receive and release assays from our active drill
program. As of today, we have completed 23 holes out of a planned
45 holes.”
On July 6, 2020 Scottie’s share price closed at
$0.385, after being at or above $0.29 during the previous 10
consecutive trading days. Based on the terms of the Warrants, this
triggered the Company’s option to accelerate the expiry of the
11,351,265 Warrants held by shareholders who participated in the
Financing, as well as the 325,392 broker Warrants issued in the
Financing (see the Company’s news releases dated September 25, 2019
and October 18, 2019). Scottie provided formal notice of the
Warrant acceleration allowing the holder to purchase one common
share of the Company for each Warrant held at a price of at $0.22
per Warrant.
Funds will be used to add 2,000 m of diamond
drilling to the ongoing 2020 drill program (as previously announced
on August 13th, 2020), support the follow-up 2021 drill program,
and support corporate activities.
ABOUT SCOTTIE RESOURCES
CORP.
Scottie owns 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. Scottie Resources holds 24,589 ha of mineral claims in
the Golden Triangle.
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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