Scottie Announces Closing of $5 Million Private Placement /This News Release is Intended FOR Distribution IN Canada Only and is Not Intended FOR Distribution to
SCOTTIE ANNOUNCES CLOSING OF $5
MILLION PRIVATE PLACEMENT
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA
ONLY AND IS NOT
INTENDED FOR
DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN
THE
UNITED STATES
/
All monetary amounts are expressed in Canadian Dollars, unless otherwise indicated.
VANCOUVER, BC
,
April 22, 2022
/CNW/ -
Scottie Resources Corp
. (TSXV: SCOT) ("
Scottie
" or
the "
Company
") is pleased to announce that it has closed its previously announced brokered private
placement financing pursuant to an agency agreement dated
April 22, 2022
(the "
Agency
Agreement
") with Cormark Securities Inc. ("
Cormark
") and Research Capital Corporation ("
RCC
",
together with Cormark, the "
Agents
"), raising aggregate gross proceeds of
C$5,008,000
(the
"
Offering
"). Cormark acted as lead agent pursuant to the terms of the Offering, under which the
Company issued 10,000,000 flow-through common shares of the Company (the "
Premium FT
Shares
") at a price of
C$0.30
per Premium FT Share; 4,000,000 flow-through common shares of
the Company (the "
Traditional FT Shares
", together with the Premium FT Shares, the "
FT
Shares
") at a price of
C$0.25
per Traditional FT Share; and 4,800,000 non-flow-through common
shares of the Company (the "
HD Shares
") at a price of
C$0.21
per HD Share.
Pursuant to the Agency Agreement, the Agents received a cash commission of
$300,480
,
representing 6.0% of the gross proceeds raised under the Offering, and were issued 1,128,000
broker warrants ("
Broker Warrants
"), representing 6.0% of the number of FT Shares and HD
Shares issued under the Offering. Each Broker Warrant entitles the holder to purchase one common
share (a "
Broker Warrant Share
") of the Company at a price of
C$0.30
per Broker Warrant Share
for a period of 24 months from the date hereof.
The gross proceeds received by the Company from the sale of the FT Shares will be used to incur
"Canadian exploration expenses" that are "flow-through mining expenditures" (as such terms are
defined in the
Income Tax Act
(
Canada
)) and "BC flow-through mining expenditures" (as defined in
the
Income Tax Act
(
British Columbia
)) on the Company's properties in
British Columbia
(the
"
Qualifying Expenditures
"). The Qualifying Expenditures will be renounced to the subscribers with
an effective date no later than
December 31, 2022
.
All FT Shares, HD Shares, Broker Warrants and Broker Warrant Shares issued and issuable under
the Offering are subject to a statutory hold period and may not be traded until
August 23, 2022
,
except as permitted by applicable securities legislation. The Offering is subject to the final approval
of the TSX Venture Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which such offer, solicitation or
sale would be unlawful. The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as amended (the "1933 Act") and
may not be offered or sold in
the United States
absent registration or an applicable
exemption from the registration requirements of the 1933 Act, as amended, and application
state securities laws.
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 Georgia
Project which contains the high-grade past-producing
Georgia River Mine
, as well as the Cambria
Project properties and the Sulu property. Altogether Scottie Resources holds more than 52,000 ha
of mineral claims in the Stewart Mining Camp in the Golden Triangle.
The Company's focus is on expanding the known mineralization around the past-producing mines
while advancing near mine high-grade gold targets, with the purpose of delivering a potential
resource.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties.
All statements within, other than statements of historical fact, are to be considered forward looking,
including, but not limited to, statements relating to the use of proceeds from the Offering and the
receipt of all required regulatory approvals. Although Scottie 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 or developments may differ materially from
those in forward-looking statements. Factors that could cause actual results to differ materially
from those in forward-looking statements include market prices, exploitation and exploration
successes, continued availability of capital and financing, changes to the
Income Tax Act
(
Canada
)
or administrative changes to the application thereof in respect of flow-through mining expenditures
and general economic, market or business conditions and regulatory, shareholder and
administrative approvals, processes and filing requirements. There can be no assurances that
such statements will prove accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. We do not assume any obligation to update any forward-looking
statements except as required under applicable laws.
SOURCE
Scottie Resources Corp.
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For further information:
Scottie Resources Corp., Brad Rourke, Chief Executive Officer, +1 250
877 9902; Gordon Robb, Business Development, +1 250 217 2321
CO: Scottie Resources Corp.
CNW 08:57e 22-APR-22