Scottie Resources Announces Financing Package with Franco-Nevada Corporation
Scottie Resources Announces Financing
Package with Franco-Nevada Corporation
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER BC
,
April 2, 2024
/CNW/ -
Scottie Resources Corp.
(TSXV:
SCOT) (OTCQB:
SCTSF) (FSE: SR8) ("
Scottie
" or the "
Company
") is pleased to announce that it has entered into a
financing arrangement with Franco-Nevada Corporation (TSX: FNV) (NYSE: FNV)
("
Franco-
Nevada
") whereby Scottie has agreed to sell a 2.0% gross production royalty (the
"
Royalty
") to Franco-Nevada for
C$8,100,000
(the "
Royalty Transaction
"). The Royalty will apply
to all minerals produced on Scottie's claims in the Stewart Mining Camp in the Golden Triangle.
In addition, Franco-Nevada has agreed to purchase common shares of the Company comprising the
entire back-end of an aggregate
C$1,500,000
charity flow-through private placement at a price to
flow-through subscribers of
C$0.275
per flow-through common share of the Company (the "
Private
Placement
").
President and CEO,
Brad Rourke
commented: "We are happy to welcome Franco-Nevada as a
shareholder and stakeholder of Scottie. This transaction validates the progress we've made and
recognizes the value opportunity present at Scottie. With the funding from Franco-Nevada and the
proceeds raised from our January private placement, Scottie is in a strong financial position for
future operations."
The Private Placement remains subject to TSX Venture Exchange approval, and all securities issued
in the Private Placement will be subject to a four-month hold period, during which time the securities
may not be traded, other than pursuant to prospectus exemptions. The Company intends to use the
gross proceeds raised from the Private Placement for exploration and related programs on the
Company's Scottie and Blueberry mineral properties. Further, each of the Royalty Transaction and
the Private Placement remain subject to satisfaction of closing conditions customary for transactions
of this nature.
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 includes certain statements and information that may constitute forward-looking
information within the meaning of applicable Canadian securities laws. Forward-looking statements
relate to future events or future performance and reflect the expectations or beliefs of management
of the Company regarding future events. Generally, forward-looking statements and information
can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or
variations of such words and phrases or statements that certain actions, events or results "may",
"could", "should", "would" or "occur". This information and these statements, referred to herein as
"forward
looking statements", are not historical facts, are made as of the date of this news release
and include without limitation, statements regarding discussions of future plans, estimates and
forecasts and statements as to management's expectations and intentions with respect to, among
other things, completion of the Offering, the use of proceeds from the Offering and the payment of
finders' fees under the Offering.
These forward
looking statements involve numerous risks and uncertainties and actual results
might differ materially from results suggested in any forward-looking statements. These risks and
uncertainties include, among other things, the Company not receiving the necessary regulatory
approvals in respect of the Offering; recent market volatility; and the state of the financial markets
for the Company's securities.
In making the forward looking statements in this news release, the Company has applied several
material assumptions, including without limitation, that the Company will receive the necessary
regulatory approvals in respect of the Offering.
Although management of the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements or forward-
looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove to be accurate,
as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking statements
and forward-looking information. Readers are cautioned that reliance on such information may not
be appropriate for other purposes. The Company does not undertake to update any forward-
looking statement, forward-looking information or financial out-look that are incorporated by
reference herein, except in accordance with applicable securities laws. We seek safe harbor.
SOURCE
Scottie Resources Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/April2024/02/c0393.html
%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 07:30e 02-APR-24