Scottie Resources Corp. (TSX-V: SCOT) is pleased to announce that it has closed its previously announced non-brokered private placement offering of units with a Swiss family office, at a price of $0.22 per Unit (see news release dated June 1, 2020). Each Unit consists of one common share and one half of one common share purchase warrant. Each Warrant is exercisable into one common share at a price of $0.34 per Warrant for a period of two years from closing.
Pursuant to the Offering, the Company issued 4,400,000 Units for gross proceeds of $968,000. The participation in the Offering has increased the position of the family office to a 9.9% ownership of Scottie Resources on a partially diluted basis.
CEO Bradley Rourke commented: “These funds ensure that our treasury can support both the robust 2020 field program, developed by our geologists over the winter, as well as allow Scottie the flexibility to strategically assess our land claims package in order to maximize shareholder value.”
The proceeds raised by the Company from the sale of the Units will be used for working capital and for exploration of the Company’s mineral properties, located in the Golden Triangle region of British Columbia.
In connection with the Offering, finders fees totaling $58,080 cash and 132,000 finder’s warrants were paid to Blue Lakes Advisors SA. Each Finder’s Warrant is exercisable into one common share of the Company at a price of $0.34 per common share for a period of two years from closing.
All of the securities issuable pursuant to the Offering will be subject to a four-month hold period from the date of closing, expiring October 9, 2020.
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 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.
Gold Line Resources Ltd. (TSX-V: GLDL) is pleased to announce i... READ MORE
Azucar Minerals Ltd. (TSX-V: AMZ) (OTCQB: AXDDF) is pleased to an... READ MORE
Soma Gold Corp. (TSX-V: SOMA) (WKN: A2P4DU) (OTC: SMAGF) s please... READ MORE
Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: F... READ MORE
Patagonia Gold Corp. (TSX-V: PGDC) announces its financial result... READ MORE
We acknowledge the [financial] support of the Government of Canada.