Business
Scottie Resources Announces Private Placement – Geneva-Based Family Office to Increase Holdings To 9.9%
VANCOUVER, British Columbia, June 01, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT), is pleased to announce a singl
About this update from Scottie Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 01, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT), is pleased to announce a single issue non-brokered private placement offering of up to 4,400,000 units (each a “Unit”) at a price of $0.22 per Unit, for gross proceeds of up to $968,000 (the “Offering”). Each Unit consists of one common share and one half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant will be exercisable into one common share of the Company at a price of $0.34 for a period of two years from closing. If fully subscribed, the Offering will increase the position of a Geneva-based family office to an approximate 9.9% ownership of Scottie Resources on a partially diluted basis. The proceeds raised by the Company from the Offering will be used to strategically advance the Company’s mineral properties, located in the Golden Triangle region of British Columbia, and for working capital. CEO, Bradley Rourke commented, “We are happy to increase the position of one of our European partners to 9.9% in advance of our upcoming drill program. The proceeds from this financing will provide opportunity for Scottie to advance our projects in the southern Golden Triangle. We are fortunate to have the continued support of our existing shareholders, and look forward to delivering another successful exploration program.” Finder's fees of 6% cash and 6% finder’s warrants will be paid in connection with the completion of the Offering, in accordance with TSX Venture Exchange policies. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. All of the securities issuable pursuant to the Offering will be subject to a four-month hold period from the date of closing. 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...