Scottie Resources Announces Closing of $6.5 Million Private Placement

Scottie Resources Announces Closing of $6.5

Million Private Placement

/NOT FOR DISTRIBUTION TO

UNITED STATES

NEWSWIRE SERVICES OR FOR

DISSEMINATION IN

THE UNITED STATES

/

VANCOUVER, BC

,

Feb. 16, 2023

/CNW/ -

Scottie Resources Corp.

(TSXV: SCOT) (OTCQB:

SCTSF) (the "

Company

") is pleased to announce that it has closed its previously announced

brokered private placement financing pursuant to an underwriting agreement dated

February 16,

2023

(the "

Underwriting Agreement

") with Cormark Securities Inc. as sole underwriter (the

"

Underwriter

") in connection with a "bought deal" private placement of: (i) 11,429,000 common

shares of the Company that qualify as "flow-through shares" (within the meaning of subsection

66(15) of the

Income Tax Act

(

Canada

) (the "

FT Shares

") at a price of

$0

.35 per FT Share for

gross proceeds of

$4,000,150

; and (ii) 10,870,000 common shares of the Company (the "

HD

Shares

", and together with the FT Shares, the "

Offered Shares

") at a price of

$0.23

per HD Share

(the "

HD Issue Price

") for gross proceeds of

$2,500,100

, for aggregate gross proceeds to the

Company of

$6,500,250

(collectively, the "

Offering

").

Pursuant to the Underwriting Agreement, the Underwriter received a cash commission representing

6.0% of the gross proceeds raised under the Offering (other than in respect of sales to purchasers

on a "president's list", in which case it was reduced to 3.0%), and were issued 1,142,287 broker

warrants of the Company ("

Broker Warrants

"). Each Broker Warrant entitles the holder to

purchase one common share (a "

Broker Warrant Share

") of the Company at a price of

$0.23

per

Broker Warrant Share for a period of 24 months from the date of issuance. The Company also paid

to certain finders a cash commission representing 3.0% of the gross proceeds raised under the

Offering from the sale of HD Shares to purchasers introduced to the Company by the finder.

The net proceeds from the issue of the HD Shares will be used for working capital and general

corporate purposes. The Company will use an amount equal to the gross proceeds received by the

Company from the sale of the FT Shares, pursuant to the provisions in the

Income Tax Act

(

Canada

), to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining

expenditures" as both terms are defined in the

Income Tax Act

(

Canada

) (the "

Qualifying

Expenditures

") related to the Company's projects in

British Columbia

, on or before

December 31,

2024

, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares

effective

December 31, 2023

. If the Qualifying Expenditures are reduced by the Canada Revenue

Agency, the Company will indemnify each FT Share subscriber for any additional taxes payable by

such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures as

agreed.

In compliance with applicable regulatory requirements and in accordance with National Instrument

45-106 –

Prospectus Exemptions

("

NI 45-106

"), the Offered Shares were offered for sale to

purchasers resident in

Canada

and other qualifying jurisdictions pursuant to the listed issuer financing

exemption under Part 5A of NI 45-106 (the "

Listed Issuer Financing Exemption

"). Because the

Offering was completed pursuant to the Listed Issuer Financing Exemption, the Offered Shares

issued to purchasers in the Offering are not subject to a hold period pursuant to applicable Canadian

securities laws. There is an offering document related to the Offering that can be accessed under

the Company's profile at

www.sedar.com

and on the Company's website at

www.scottieresources.com

. The Broker Warrants and the Broker Warrant Shares issued and

issuable under the Offering are subject to a statutory hold period and may not be traded until

June

17, 2023

, except as permitted by applicable securities legislation.

The Offering is subject to the final approval of the TSX Venture Exchange.

ABOUT SCOTTIE RESOURCES CORP.

Scottie owns a 100% interest in the Scottie Gold Mine Property which includes the Blueberry Zone

and the high-grade, past-producing

Scottie Gold Mine

. 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

60,000 hectares 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 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.

Cautionary and Forward-Looking Statements

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall

there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale

would be unlawful, including any of the securities in

the United States of America

. The securities

have not been and will not be registered under the

United States Securities Act of 1933

, as

amended (the "1933 Act") or any state securities laws and may not be offered or sold within

the

United States

or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the

1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an

exemption from such registration requirements is available.

This news release includes certain forward-looking statements concerning the use of proceeds of

the Offering, the tax treatment of the FT Shares, final approvals by the TSX Venture Exchange, the

future performance of our business, its operations and its financial performance and condition, as

well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are

frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend"

and similar words referring to future events and results. Forward-looking statements are based on

the current opinions and expectations of management. All forward-looking information is inherently

uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative

nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment

of the FT Shares, competitive risks and the availability of financing, as described in more detail in our

recent securities filings available at

www.sedar.com

. Actual events or results may differ materially

from those projected in the forward-looking statements and we caution against placing undue

reliance thereon. We assume no obligation to revise or update these forward-looking statements

except as required by applicable law.

SOURCE

Scottie Resources Corp.

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%SEDAR: 00031828E

For further information:

Brad Rourke, President and CEO, +1 250 877 9902,

[email protected]; Gordon Robb, Business Development, +1 250 217 2321

CO: Scottie Resources Corp.

CNW 14:50e 16-FEB-23