Scottie Resources Corp. (TSX-V: SCOT) (OTCQB: SCTSF) (FSE:SR8) is pleased to announce that, further to the Company’s news releases dated January 18, and January 22, 2024, the Company has closed the second and final tranche of its non-brokered private placement. Under the Second Tranche, the Company issued 1,250,001 non flow-through units at a price of $0.18 per NFT Unit and 5,044,445 flow-through units at a price of $0.27 per Charity FT Unit for aggregate gross proceeds of $1,587,000.

Each NFT Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each Warrant entitles the holder to purchase an additional Share at an exercise price of $0.28 per Warrant Share for a period of three years from the date of issuance.

Each Charity FT Unit is comprised of one Share that qualifies as a “flow-through share” within the meaning of subsection 66(15) of the Tax Act and one-half of one Warrant. Each whole Warrant entitles the holder thereof to purchase an additional Share at an exercise price of $0.28 per Warrant Share for a period of three years from the date of issuance.

Pursuant to the Private Placement, the Company issued an aggregate of 12,361,112 NFT Units at a price of $0.18 per NFT Unit and 5,044,445 Charity FT Units at a price of $0.27 per Charity FT Unit, for aggregate gross proceeds of $3,587,000.

In connection with the Private Placement, the Company issued 288,333 finder’s warrants and paid cash commissions of $51,900 to certain finders. Each Finder’s Warrant entitles the holder thereof to purchase one Share at a price of $0.28 per Share for a period of three years from the date of issuance.

The Company intends to use the gross proceeds raised from the Charity FT Units in the Second Tranche for exploration and related programs on the Company’s Scottie and Blueberry mineral properties which qualify as “Canadian Exploration Expenses” as such term is defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Tax Act, and “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act that will qualify as “flow-through mining expenditures”, and “BC flow-through mining expenditures” as defined in subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before December 31, 2025 and renounced with an effective date no later than December 31, 2024, to the initial purchasers of Charity FT Units. The Company intends to use the gross proceeds raised from the NFT Units in the Second Tranche for general working capital and administrative purposes.

The securities offered in the Second Tranche are subject to a four month and a day transfer restriction from the date of issuance expiring on June 24, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.