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Scandium International Mining Announces Closing of First Tranche of Non-Brokered Private Placement
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About this update from Scandium International Mining Corp.
[{"type":"text","content":"Scandium International Mining Announces Closing of First Tranche of Non-Brokered Private PlacementNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATESRENO, NV / ACCESSWIRE / May 24, 2022 / Scandium International Mining Corp. (TSX:SCY) (\"Scandium International\" or the \"Company\") is pleased to announce the closing of the first tranche of the Company's private placement first announced on April 19, 2022 (the \"Offering\"). Within the first tranche, the Company raised aggregate gross proceeds of C$2,085,250 through the sale of 23,169,444 units (each, a \"Unit\") at a price of C$0.09 per Unit. The Company expects to close the second tranche of the Offering on or about June 3, 2022.Each Unit issued pursuant to the first tranche consists of one common share of the Company (a \"Common Share\") and one share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to acquire a Common Share at C$0.1075 for sixty (60) months until May 20, 2027.In connection with the first tranche, the Company paid to an eligible finder C$10,350 in cash.Certain insiders of the Company including unanimous participation by all board members (two directly and two indirectly through Scandium Investments LLC, the company's largest shareholder) have subscribed for an aggregate of 7,377,222 Units for aggregate gross proceeds of C$663,950. Scandium Investments LLC invested US$500,000 in the first tranche. The participation by these insiders within the Offering will support advancement of the Company's renewed focus on the Nyngan Scandium Project and general working capital purposes.The issuance of the Units to the insiders are considered related party transactions within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company has relied on the exemptions from the formal valuation and minority approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the participation by the insiders does not exceed 25% of the market capitalization of the Company.The net proceeds from the sale of the Units will be used towards the development of the Company's scandium minerals properties and for general and...