NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, June 01, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT), is pleased to announce a single issue non-brokered private placement offering of up to 4,400,000 units (each a “Unit”) at a price of $0.22 per Unit, for gross proceeds of up to $968,000 (the “Offering”). Each Unit consists of one common share and one half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant will be exercisable into one common share of the Company at a price of $0.34 for a period of two years from closing. If fully subscribed, the Offering will increase the position of a Geneva-based family office to an approximate 9.9% ownership of Scottie Resources on a partially diluted basis.
The proceeds raised by the Company from the Offering will be used to strategically advance the Company’s mineral properties, located in the Golden Triangle region of British Columbia, and for working capital.
CEO, Bradley Rourke commented, “We are happy to increase the position of one of our European partners to 9.9% in advance of our upcoming drill program. The proceeds from this financing will provide opportunity for Scottie to advance our projects in the southern Golden Triangle. We are fortunate to have the continued support of our existing shareholders, and look forward to delivering another successful exploration program.”
Finder's fees of 6% cash and 6% finder’s warrants 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.
All of the securities issuable pursuant to the Offering will be subject to a four-month hold period from the date of closing.
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 under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns over 24,000 hectares in the prolific Golden Triangle region of British Columbia, including a 100% interest in the high-grade, past-producing Scottie Gold Mine and Bow properties and has the option to purchase a 100% interest in Summit Lake claims which are contiguous with the Scottie Gold Mine property. Scottie also owns 100% interest in the Cambria Project properties and the Sulu 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.
Further information on Scottie can be found on the Company’s website at http://www.scottieresources.com and at www.sedar.com, or by contacting Bradley Rourke, President and CEO at (250) 877-9902 or Rahim Lakha, Corporate Development at (416) 414-9954.
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.