Scandium International Closes Private Placement Financing
Scandium International Closes Private Placement
Financing
Vancouver, British Columbia--(Newsfile Corp. - March 22, 2019) - Scandium International Mining Corp. (
TSX: SCY
)
(
"Scandium International" or the "Company"
) is pleased to announce that it has closed a previously announced private
placement of 5,926,301 shares at C$0.18 per share for gross proceeds of C$1,066,734. The primary investor was Rothschild
Asset Management, but the equity placement also reflects a unanimous participation from the Company's Board members. No
commissions or fees were paid on the transaction.
The proceeds from the financing will be used for general working capital, and specifically for the advancement of the Company's
Nyngan Scandium Project in NSW, Australia.
All securities issued under the private placement will be subject to a Canadian hold period expiring four months after the closing
date. The securities will also be subject to restrictions on resale under U.S. federal securities laws. Closing of the private
placement is subject to stock exchange approval.
Eight directors of the Company participated in the private placement for an aggregate of 1,561,151 shares for aggregate
proceeds of $281,007, representing 0.5% of the Company's issued and outstanding common shares. Each director's
participation in the Private Placement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-
101 -
Protection of Minority Security Holders in Special Transactions
("MI 61-101"). The Company is relying on exemptions
from the formal valuation requirements and the minority shareholder requirements of MI 61-101 contained in Section 5.5(a) and
Section 5.7(1)(a) on the basis that the fair market value of the transaction involving insiders was not more than 25% of the
Company's market capitalization.
For inquiries to Scandium International Mining Corp, please contact:
Edward Dickinson (CFO)
Tel: (775) 233-7328
George Putnam (CEO)
Tel: (925) 208-1775
Email:
The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws, and may not be offered or sold within the United States unless registered
under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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https://www.newsfilecorp.com/release/43602