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Scottie Resources Announces $6.5 Million Private Placement of Flow-Through Shares and Common Shares
Scottie Resources Announces $6.5 Million Private Placement of Flow-Through Shares and Common Shar...
About this update from Scottie Resources Corp.
[{"type":"text","content":"\n \n \n \n Scottie Resources Announces $6.5 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 \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 7, 2023\n \n \n /CNW/ -\n \n Scottie Resources Corp.\n \n (TSXV: SCOT) (OTCQB: SCTSF) (the \"\n \n Company\n \n \") is pleased to announce that it has entered into an agreement pursuant to which Cormark Securities Inc., as sole underwriter (the \"\n \n Underwriter\n \n \"), in connection with a \"bought deal\" private placement of: (i) 11,429,000 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\n \n .35 per FT Share for gross proceeds of\n \n $4,000,150\n \n ; and (ii) 10,870,000 common shares of the Company (the \"\n \n HD Shares\n \n \") at a price of\n \n $0.23\n \n per HD Share (the \"\n \n HD Issue Price\n \n \") for gross proceeds of\n \n $2,500,100\n \n , for aggregate gross proceeds to the Company of approximately\n \n $6.5 million\n \n (collectively, the \"\n \n Offering\n \n \").\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 exploration expenses\" that qualify as \"flow-through mining expenditures\" as both terms are defined in the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) (the \"\n \n Qualifying Expenditures\n \n \") related to the Company's projects in\n \n British Columbia\n \n , on or before\n \n December 31, 2024\n \n , and to renounce all the Qualifying Expenditures in fa...