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Scottie Resources Announces Closing of Second Tranche of Private Placement

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Scottie Resources Announces Closing of Second 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 releases dated September 8, and October 4, 2023, the Company has closed the second tranche of its non-brokered private placement. Under the Second Tranche, the Company issued 4,008,333 common shares which qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) at a price of $0.24 per FT Share for gross proceeds of $962,000.

 

The Company intends to use the gross proceeds raised from 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, 2024 and renounced with an effective date no later than December 31, 2023, to the initial purchasers of FT Shares.

 

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 February 7, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

 

The Company intends to close a third and final tranche of the Private Placement on or before October 23, 2023.

 

Posted October 10, 2023

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