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Scottie Resources Closes Oversubscribed $3,500,000 Private Placement
VANCOUVER, British Columbia, May 14, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce that it h
About this update from Scottie Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 14, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce that it has oversubscribed and closed its previously announced non-brokered private placement offering of flow-through common shares (the “FT Shares”) at a price of $0.24 per FT Share (the “Offering”) (see news releases dated April 30 and May 1, 2020). Pursuant to the Offering, the Company issued 14,751,067 FT Shares for gross proceeds of $3,540,256. CEO Bradley Rourke commented: “Scottie Resources is pleased to receive the overwhelming support of existing shareholders and welcomes new shareholders in this financing, which fully funds the Company’s 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 metresBlueberry Vein – 7.44 g/t gold over 34.78 metresScottie 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. 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. In connection with the Offering, finders fees totaling $185,629 cash and 773,454 finder’s warrants (each a “Finder’s Warrant”) were paid to: Mackie Research Capital Corporation, Canaccord Genuity Corp., Haywood Securities Inc., PI Financial Corp., and Qwest Investment Fund Management Ltd. Each Finder’s Warrant is exercisable into one common share of the Company at a price of $0.24 per common share for a period of two years from closing. All of the securities issuable pursuant to the Offering, including the FT Shares and Finder’s Warrants, will be subject to a four-month hold period from the date of closing, expiring September 15, 2020. Th...