VANCOUVER, British Columbia, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) announced today a non-brokered private placement of flow-through common shares (the “FT Shares”) and non-flow-through units (the “NFT Units”) for gross proceeds of up to $1,750,000 (the “Offering”).
Up to 3,409,091 FT Shares will be sold at a price of $0.22 per FT Share, and up to 6,666,667 NFT Units will be sold at a price of $0.15 per NFT Unit consisting of one common share and one common share purchase warrant. One common share purchase warrant from the NFT Units will entitle the holder to purchase one non flow-through common share of the Company at a price of $0.22 for a period expiring 24 months following the closing date of the Offering. If the closing price of the Issuer’s common shares is at a price equal to or greater than $0.29 for a period of 10 consecutive trading days, the Issuer will have the right to accelerate the expiry date of the warrants by giving written notice to the holders of the warrants that the warrants will expire on the date that is not less than 30 days from the date notice is provided by the Issuer to the warrant holders.
All the securities issuable will be subject to a four-month hold period from the date of closing.
The proceeds from the sale of FT Shares will be used for exploration programs on the Company’s British Columbia properties, and the proceeds from the sale of NFT Units will be used 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 which is 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.
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.
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 release).