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Scottie Resources Announces Closing of First Tranche of Private Placement

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Scottie Resources Announces Closing of First Tranche of Private Placement






Scottie Resources Corp. (TSX-V: SCOT) (OTCQB: SCTSF) (FSE: SR8) is pleased to announce that, further to the Company’s news release dated January 18, 2024, the Company has closed the first tranche  of its non-brokered private placement. Under the First Tranche, the Company issued 11,111,111 non flow-through units at a price of $0.18 per NFT Unit for gross proceeds of $2,000,000. 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.


The Company intends to use the proceeds of the First Tranche for general working capital and administrative purposes.


The securities offered in the First Tranche are subject to a four month and a day transfer restriction from the date of issuance expiring on May 23, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.


Completion of the Private Placement remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.


Posted January 23, 2024

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