Scottie Resources Announces Closing of Oversubscribed $3.2 Million Private Placement
Scottie Resources Announces Closing of
Oversubscribed $3.2 Million Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
Oct. 7, 2022
/CNW/ -
Scottie Resources Corp.
(TSXV: SCOT) (OTCQB:
SCTSF) (FSE: SR8)
("
Scottie
"
or the
"
Company
")
is pleased to announce the closing of its fully-
subscribed non-brokered private placement previously announced on
September 8, 2022
, and
September 26, 2022
, of 18,823,530 units (the "Units") at a price of
$0.17
per Unit for gross
proceeds of
$3,200,000
(the "Offering"). Each Unit consists of one common share of the Company
(a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the
holder to purchase an additional common share (a "Warrant Share") at an exercise price of
$0.25
per Warrant Share for a period expiring two years from the closing date of the Offering. If the
closing price of the Company's common shares is at a price equal to or greater than
$0.32
for a
period of 10 consecutive trading days, the Company 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 Company to the
Warrant holders.
In connection with the closing of the Offering, the Company paid finder's fees of 6% cash and 6%
finder's warrants (each a "Finder's Warrant"), consisting of
$139,281
in cash and the issuance of
819,300 Finder's Warrants to the following finders: Blue Lakes Advisors SA, Canaccord Genuity
Corp., Cormark Securities Inc., and Research Capital Corporation. Each Finder's Warrant will entitle
the holder thereof to purchase one Share of the Company at a price of
$0.25
per Share, exercisable
for a period expiring two years following the closing date of the Offering.
Proceeds of the Offering will be used for exploration on the Company's mineral properties, working
capital, and general corporate purposes.
All securities issued in Offering will be subject to a resale restriction expiring
February 8, 2023
, in
accordance with applicable securities laws.
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 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, 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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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 17:44e 07-OCT-22