VANCOUVER, British Columbia, Jan. 10, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce 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 has agreed to purchase 10,000,000 Units pursuant to the Placement, which will result in Mr. Sprott holding approximately 11.5% of the Company’s issued and outstanding common shares, based on the Company’s current issued and outstanding common shares. Upon closing the Placement, if Mr. Sprott were to exercise all of his Warrants, he would hold an approximate 20.6% ownership position in Scottie on a partially diluted basis.
Finders fees may be payable in connection with this Placement. All the securities issuable will be subject to a four-month hold period from the date of closing. Closing of the Placement remains subject to approval by the TSX Venture Exchange.
The proceeds from the sale of Units will be used for exploration of the Company’s British Columbia properties, and for general working capital.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a 100% interest in the high-grade, past-producing Scottie Gold Mine property and has the option to purchase a 100% interest in the Bow property and the Summit Lake claims which are contiguous with the Scottie Gold Mine property. Scottie owns 100% interests in the Ruby Silver and Black Hills properties and has the option to purchase a 100% interest in the Bitter Creek property which joins the Ruby Silver property with the Black Hills property.
All of the Company’s properties are located in the area known as the Golden Triangle of British Columbia which is among the world’s most prolific mineralized districts.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
FORWARD LOOKING STATEMENTS
This news release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.