NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, June 08, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce that it has closed its previously announced non-brokered private placement offering of units (the “Units”) with a Swiss family office, at a price of $0.22 per Unit (the “Offering”) (see news release dated June 1, 2020). Each Unit consists of one common share (a “Share”) and one half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant is exercisable into one common share at a price of $0.34 per Warrant for a period of two years from closing (the “Finder’s Warrant Shares”).
Pursuant to the Offering, the Company issued 4,400,000 Units for gross proceeds of $968,000. The participation in the Offering has increased the position of the family office to a 9.9% ownership of Scottie Resources on a partially diluted basis.
CEO Bradley Rourke commented: “These funds ensure that our treasury can support both the robust 2020 field program, developed by our geologists over the winter, as well as allow Scottie the flexibility to strategically assess our land claims package in order to maximize shareholder value.”
The proceeds raised by the Company from the sale of the Units will be used for working capital and for exploration of the Company’s mineral properties, located in the Golden Triangle region of British Columbia.
In connection with the Offering, finders fees totaling $58,080 cash and 132,000 finder’s warrants (each a “Finder’s Warrant”) were paid to Blue Lakes Advisors SA. Each Finder’s Warrant is exercisable into one common share of the Company at a price of $0.34 per common share for a period of two years from closing.
All of the securities issuable pursuant to the Offering will be subject to a four-month hold period from the date of closing, expiring October 9, 2020.
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.
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 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.
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.