Business
Scottie Resources Closes Second and Final Tranche Of Private Placement
VANCOUVER, British Columbia, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce that it
About this update from Scottie Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce that it has closed the second and final tranche of its previously announced private placement (see news releases dated September 11, September 17, and September 25, 2019) (the “Offering”). In the second tranche, 2,036,726 flow through common shares (each a “FT Share”) were issued at $0.22 per FT Share, and 3,263,332 non-flow through units were issued (each a “NFT Unit”) at $0.15 per NFT Unit, for total gross proceeds of $937,580 in the second tranche. A total of $2,330,950 was raised in the Offering, and 2,855,726 FT Shares and 11,351,265 NFT Units were issued. Each NFT Unit consists of one common share and one common share purchase warrant. One common share purchase warrant from the NFT Units will entitle the holder to purchase one non flow-through common share of the Company at a price of $0.22 for a period expiring 24 months following the closing date of the Offering. If the closing price of the Issuer’s common shares is at a price equal to or greater than $0.29 for a period of 10 consecutive trading days, the Issuer will have the right to accelerate the expiry date of the warrants by giving written notice to the holders of the warrants that the warrants will expire on the date that is not less than 30 days from the date notice is provided by the Issuer to the warrant holders. All securities issued in the second tranche of the private placement are subject to a resale restriction in accordance with applicable securities laws, which expires on February 19, 2020. The proceeds from the sale of FT Shares will be used for exploration programs on the Company’s British Columbia properties, and the proceeds from the sale of NFT Units will be used for general working capital. In the second tranche, finder’s fees consisting of a total of $18,060 cash and 107,672 finder’s warrants (finder’s warrants are exercisable at a price of $0.22 for one common share of the Company for a period of two years from closing, subject to acceleration, as above) were paid to: Haywood Securities Inc. and RedPlug Inc. Director and CEO, Bradley Rourke, participated for a total of 454,545 FT Shares in the second tranche. Total insider participation in the Offering totaled 654,545 common shares (200,000 of whi...