Business
Scottie Resources Closes $2,000,000 Investment By Strategic Investor Eric Sprott
VANCOUVER, British Columbia, Jan. 16, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce that, fu
About this update from Scottie Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 16, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce that, further to its news release of January 10, 2020, it has closed a non-brokered private placement financing (the “Placement”) with Eric Sprott, consisting of 10,000,000 units (the “Units”) at a price of $0.20 per Unit, for gross proceeds of $2,000,000. Each Unit consists of one common share and one common share purchase warrant (a “Warrant”) in the capital of the Company. Each Warrant is exercisable into one common share of the Company for a period of 24 months from closing at a price of $0.30 per common share. Strategic Investment by Eric Sprott Mr. Eric Sprott, through 2176423 Ontario Ltd., acquired 10,000,000 Units pursuant to the Placement. Prior to the Financing, Mr. Sprott did not beneficially own or control any common shares of Scottie. As a result of the Placement, Mr. Sprott beneficially owns or controls 10,000,000 common shares and 10,000,000 Warrants of the Company, representing approximately 11.3% of the issued and outstanding common shares of Scottie on a non-diluted basis and approximately 20.3% of the issued and outstanding common shares of Scottie on a partially-diluted basis, assuming the exercise of Mr. Sprott's warrants as of the date hereof. Bradley Rourke, President and CEO of Scottie Resources commented: “We are happy to welcome Eric Sprott as a significant shareholder of Scottie Resources. His strategic investment validates the progress we’ve made on the project, and recognizes the value opportunity present at Scottie.” The Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Scottie, including on the open market or through private acquisitions, or sell securities of Scottie, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of Mr. Sprott's early warning report will appear on Scottie’s profile on SEDAR and may also be obtained by calling his office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J2). In connection with the Placement, finders fees of 600,000 Units were paid to Ma...