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Scottie Resources Announces $6 Million Private Placement of Flow-Through Shares and Common Shares
Scottie Resources Announces $6 Million Private Placement of Flow-Through Shares and Commo...
About this update from Scottie Resources Corp.
[{"type":"text","content":"\n \n \n \n Scottie Resources Announces $6 Million Private Placement of Flow-Through Shares and Common Shares\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n VANCOUVER BC\n \n ,\n \n March 29, 2022\n \n /CNW/ -\n \n Scottie Resources Corp.\n \n (TSXV: SCOT) (OTCQB: SCTSF)\n \n (The \"Company\")\n \n is pleased to announce that it has entered into an agreement pursuant to which Cormark Securities Inc., as lead agent, on behalf of a syndicate of agents (collectively, the \"\n \n Agents\n \n \"), in connection with a \"best efforts\" private placement of: (i) 16,670,000 common shares of the Company that qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) (the \"\n \n FT Shares\n \n \") at a price of\n \n $0.30\n \n per FT Share for gross proceeds of\n \n $5,001,000\n \n ; and (ii) 4,762,000 common shares of the Company (the \"\n \n HD Shares\n \n \") at a price of\n \n $0.21\n \n per HD Share (the \"\n \n HD Issue Price\n \n \") for gross proceeds of\n \n $1,000,020\n \n , for aggregate gross proceeds to the Company of approximately\n \n $6 million\n \n (collectively, the \"\n \n Offering\n \n \").\n \n \n The Agents will have the option exercisable, in whole or in part at any time up to 48 hours prior to the closing of the Offering, to offer for sale up to an additional 3,200,000 common shares of the Company which option will be exercisable for FT Shares at the FT Issue Price, HD Shares at the HD Issue Price, or some combination thereof.\n \n \n The net proceeds from the issue of the HD Shares will be used for working capital and general corporate purposes. The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the\n \n Income Tax Act\n \n (\n \n Canada\n \n ), to incur eligible \"Canadian exploratio...