Scottie Resources Announces up to $3.5 Million Private Placement
Scottie Resources Announces up to $3.5
Million Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
Sept. 8, 2023
/CNW/ -
Scottie Resources Corp.
(TSXV: SCOT) (OTCQB:
SCTSF) (FSE: SR8)
("Scottie"
or the
"Company")
is pleased to announce a non-brokered private
placement of securities to raise total gross proceeds up to
$3,500,000
(the "
Offering
").
The Offering will be comprised of a combination of: (i) non-flow-through units (the "
NFT
Units
") to
be sold at a price of
$0.23
per NFT Unit for aggregate gross proceeds of up to
$1,500,000
(the
"
NFT Offering
"); and (ii) flow-through units (the "
Charity FT
Units
") to be sold at a price of
$0.33
per Charity FT Unit for aggregate gross proceeds of up to
$2,000,000
(the "
Charity FT Offering
").
Each NFT Unit will be comprised of one common share in the capital of the Company (a
"
Common
Share
") and one-half of one common share purchase warrant (each whole warrant, a
"
Warrant
"). Each Charity FT Unit will be comprised of one Common Share that will qualify as a
"flow-through share" within the meaning of subsection 66(15) of the
Income Tax Act
(
Canada
) (the
"
Tax Act
") and one-half of one Warrant. The Warrants for all units will be subject to the same terms,
with each Warrant entitling the holder thereof to purchase one Common Share (a "
Warrant Share
")
for a period of two (2) years from the date of issuance at an exercise price of
$0.35
per Warrant
Share.
The Company intends to use the gross proceeds raised from the Charity FT Offering for exploration
and related programs on the Company's Scottie and Blueberry mineral properties. The proceeds
from the NFT Offering will also be used for general working capital and administrative purposes.
The entire gross proceeds from the Charity FT Offering will be used for Canadian Exploration
Expenses as such term is defined in paragraph (f) of the definition of "Canadian exploration expense"
in subsection 66.1(6) of the Tax Act, and "flow through mining expenditures" as defined in subsection
127(9) of the Tax Act that will qualify as "flow-through mining expenditures", and "BC flow-through
mining expenditures" as defined in subsection 4.721(1) of the
Income Tax Act
(
British Columbia
),
which will be incurred on or before
December 31, 2024
and renounced with an effective date no
later than
December 31, 2023
to the initial purchasers of Charity FT Units.
The Company may pay finders' fees comprised of cash and non-transferable warrants in connection
with the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities
issued and sold under the Offering will be subject to a hold period expiring four months and one day
from their date of issuance. Completion of the Offering and the payment of any finders' fees remain
subject to the receipt of all necessary regulatory approvals, including the 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 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/September2023/08/c3357.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 21:46e 08-SEP-23