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Scottie Resources Announces Upsize of Private Placement Financing to $3.5 Million
VANCOUVER, British Columbia, May 01, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT), is pleased to announce that, du
About this update from Scottie Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 01, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT), is pleased to announce that, due to strong investor demand, it has increased its previously announced non-brokered private placement offering to up to 14,583,333 flow-through common shares (the “FT Shares”) at a price of $0.24 per FT Share for gross proceeds of up to $3,500,000 (the “Offering”). The proceeds raised by the Company from the sale of the FT Shares will be used to incur eligible “Canadian exploration expenses” that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)), related to exploration of the Company’s mineral properties, located in the Golden Triangle region of British Columbia. This financing fully funds the 2020 exploration program. The drilling will focus on significant step outs on the three successful targets drilled during the 2019 field season – which include intercepts: Bend Vein – 73.32 g/t gold over 4.38 metres Blueberry Vein – 7.44 g/t gold over 34.78 metres Scottie Gold Mine – 11.72 g/t gold over 10.95 metres In addition to the follow up expansion drilling, Scottie will test exciting new targets identified during the 2019 field season. Of notable interest is the Domino zone, a high-grade gold showing (grab samples up to 536 g/t gold, and chip samples of 10.5 g/t gold over 5.3 metres) located 1.9 km on strike from the past-producing Scottie Gold Mine. CEO, Bradley Rourke commented, “We are pleased with the strong investor support, upsizing the financing provides us confidence to implement a robust exploration program during the upcoming 2020 season.” The FT Shares issued pursuant to this Offering will be subject to a restricted period of four months and a day from the closing date, under applicable Canadian securities legislation. Finder's fees 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. 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 und...