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Scandium International Closes Share Exchange Transaction with Scandium Investments LLC
Reno, Nevada--(Newsfile Corp. - October 10, 2017) - Scandium International Mining Corp . ( T...
About this update from Scandium International Mining Corp.
[{"type":"text","content":"Scandium International Closes Share Exchange Transaction with Scandium Investments LLCReno, Nevada--(Newsfile Corp. - October 10, 2017) - Scandium International Mining Corp. (TSX: SCY) (\"Scandium International\" or the \"Company\") is pleased to announce that it has closed the share exchange transaction with Scandium Investments LLC (\"SIL\"), as approved by the SCY shareholders at a Special Meeting on September 11, 2017, and as a result, has acquired the 20% interest in EMC Metals Australia Pty Ltd (\"EMC-A\") previously held by SIL. The Company now holds 100% ownership of EMC-A, which is the Company's Australian subsidiary that holds a 100% interest in both the Nyngan and Honeybugle Scandium Projects, located in New South Wales, Australia. Pursuant to the share exchange transaction, the Company issued SIL 57,371,565 common shares of the Company in return for acquiring SIL's share interest in EMC-A. These newly issued common shares represent 20% of the total issued common shares of the Company, on a post-transaction basis. HIGHLIGHTS:SCY exchanged 57,371,565 common shares to secure a 100% interest in the Nyngan and Honeybugle scandium projects in NSW, Australia,SIL exchanged their 20% direct project stake for a 20% SCY common share interest, Transaction considered non-dilutive to existing SCY shareholders, SIL becomes the largest single Company shareholder, andTwo members of SIL, Peter Evensen and R. Christian Evensen, join the SCY Board as board members immediately.Ownership of 100% of the Company's scandium projects provides significant advantages for the development of the Nyngan Scandium Project. In particular, SIL and the Company agreed that consolidating 100% ownership of Nyngan and Honeybugle would potentially allow for a wider array of project financing structures at either EMC-A or individual project level, and would optimize the cost of capital for the Nyngan Scandium Project. In connection with the transaction, SIL nominees Mr. Peter Evensen and Mr. R. Christian Evensen have been appointed to the Company's Board of Directors. As Board members, Peter and Chris Evensen can contribute their funding expertise more directly and effectively to the entire project, fully aligning the interests of SIL and the Company, benefiting the development program, and in turn benefiting all Company shareholders. Pursuant to the transac...