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Scottie Resources Announces Acceleration of Share Purchase Warrants
VANCOUVER, British Columbia, July 10, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT), announces that it has provided
About this update from Scottie Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, July 10, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT), announces that it has provided formal notice to warrant holders that it has exercised its option to accelerate the expiry of warrants and broker warrants issued in the Company’s financing that closed in two tranches, on September 25, 2019 and October 18, 2019 (collectively the “Warrants”) (the “Financing”). CEO, Bradley Rourke commented, “The acceleration of these Warrants provides us with the financial stability and flexibility to advance our flagship Scottie Gold Mine Project. The timing of this is ideal as it will allow us to supplement our 2020 exploration program, already underway. We encourage the Warrant holders to exercise and increase their position with Scottie Resources!” On July 6, 2020 Scottie’s share price closed at $0.385, after closing at or above $0.29 during the previous 10 consecutive trading days. Based on the terms of the Warrants, this triggers the Company’s option to accelerate the expiry of the 11,351,265 Warrants held by shareholders who participated in the Financing, as well as the 325,392 broker Warrants issued in the Financing (see the Company’s news releases dated September 25, 2019 and October 18, 2019). The Warrants issued in the Financing allow the holder to purchase one common share of the Company for each Warrant held at a price of at $0.22 per Warrant. Warrant holders have until the close of business, Monday, August 17, 2020, to exercise Warrants held. If the Warrants are not exercised by August 17, 2020 they will expire pursuant to the acceleration terms of the Warrant. Exercise of all 11,676,657 Warrants would generate a total of $2,568,864. 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 a...