Scottie Resources Provides Updated Disclosure Regarding Closing of $6.5 Million Private Placement
Scottie Resources Provides Updated
Disclosure Regarding Closing of $6.5 Million
Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
May 1, 2023
/CNW/ -
Scottie Resources Corp.
(TSXV: SCOT) (OTCQB:
SCTSF) (FSE: SR8) (the "
Company
") is issuing a correction to its previously disseminated press
release dated
February 16, 2023
(the "
Closing Press Release
"). The Closing Press Release
announced the closing of the previously announced "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
") at a price of
$0.23
per HD Share for gross proceeds of
$2,500,100
,
for aggregate gross proceeds to the Company of
$6,500,250
(collectively, the "
Offering
"). The
Offering was completed pursuant to an underwriting agreement dated
February 16, 2023
, with
Cormark Securities Inc. as sole underwriter.
The Closing Press Release disclosed that the Company 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 Closing Press Release incorrectly omitted
that the finders were also issued 230,484 compensation warrants of the Company ("
Compensation
Warrants
"). Each Compensation Warrant entitles the holder to purchase one common share (a
"
Compensation Warrant Share
") of the Company at a price of
$0.23
per Compensation Warrant
Share for a period of 24 months from the date of issuance.
The Compensation Warrants and the Compensation 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.
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.
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 18:00e 01-MAY-23