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VANCOUVER, British Columbia, July 10, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT), announces that it has provided formal notice to warrant holders that it has exercised its option to accelerate the expiry of warrants and broker warrants issued in the Company’s financing that closed in two tranches, on September 25, 2019 and October 18, 2019 (collectively the “Warrants”) (the “Financing”).
CEO, Bradley Rourke commented, “The acceleration of these Warrants provides us with the financial stability and flexibility to advance our flagship Scottie Gold Mine Project. The timing of this is ideal as it will allow us to supplement our 2020 exploration program, already underway. We encourage the Warrant holders to exercise and increase their position with Scottie Resources!”
On July 6, 2020 Scottie’s share price closed at $0.385, after closing at or above $0.29 during the previous 10 consecutive trading days. Based on the terms of the Warrants, this triggers the Company’s option to accelerate the expiry of the 11,351,265 Warrants held by shareholders who participated in the Financing, as well as the 325,392 broker Warrants issued in the Financing (see the Company’s news releases dated September 25, 2019 and October 18, 2019). The Warrants issued in the Financing allow the holder to purchase one common share of the Company for each Warrant held at a price of at $0.22 per Warrant.
Warrant holders have until the close of business, Monday, August 17, 2020, to exercise Warrants held. If the Warrants are not exercised by August 17, 2020 they will expire pursuant to the acceleration terms of the Warrant. Exercise of all 11,676,657 Warrants would generate a total of $2,568,864.
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 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. Scottie Resources holds 24,589 ha of mineral claims in the Golden Triangle.
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.