VANCOUVER, British Columbia, May 28, 2019 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce that it has closed the first tranche of its previously announced private placement (see news release dated May 13, 2019). In the first tranche, a total of 2,170,000 common shares (each a “Share”) were issued, at $0.23 per Share, for proceeds of $499,100.
The Company expects to close a second tranche of up to $500,900 in a timely manner.
All Shares issued in the first tranche of the private placement are subject to a resale restriction in accordance with applicable securities laws, which expires on September 28, 2019.
Proceeds from the private placement will be used for working capital, property option payments, and exploration of the Company’s mineral property portfolio.
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 100% interests in the high grade, past-producing Scottie Gold Mine property, the Stock property, the Ruby Silver property and the Black Hills property.
Scottie has the option to purchase 100% interests in the Bow property, the Bitter Creek property and the Summit Lake 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 & CEO at (250) 877-9902.
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.