Scandium International Mining Announces Closing of Second Tranche and Upsizing of Private Placement
NEWS RELEASE
TSX: SCY
June 6, 2022
NR 22-04
www.scandiummining.com
SCANDIUM INTERNATIONAL MINING
ANNOUNCES CLOSING OF SECOND TRANCHE
AND UPSIZING OF PRIVATE PLACEMENT
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION
OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED
STATES
Reno, Nevada, June 6, 2022 – Scandium International Mining Corp . (TSX:SCY) (“Scandium
International” or the “Company”) is pleased to announce the closing of the second tranche of
the Company’s private placement first announced on April 19, 2022 (the “Offering”). Within the
second tranche, the Company raised aggregate gross proceeds of C$1,029,850 through the sale
of 11,442,775 units (each, a “Unit”). When aggregated with the first tranche closing previously
announced, the Company has raised aggregate gross proceeds of C$3,115,100 through the sale
of 34,612,219 units at a price of C$0.09 per Unit. The Company intends to complete a final tranche
of the Offering.
The aggregate proceeds exceed the C$3,000,000 placement amount originally announced to the
market and, given the positive investor interest and response, the Company has increased the
Offering up to C$3,568,023 for 39,644,699 units.
Each Unit consists of one common share of the Compa ny (a “Common Share”) and one share
purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire a Common Share
at C$0.1075 for sixty (60) months until June 3, 2027.
Interim CEO Peter Evensen commented, “We are gratified to see the investor response to the
Company’s strategy to rededicate itself to Scandium given the increased potential for scandium-
aluminum alloys. It has enabled the Company to upsize this placement beyond the original C$3
million target and we welcome both the existing shareholders and the new investors that have
participated in this placement.”
Scandium International Chairman William Harris commented, “The closing of this placement’s
second tranche puts the Company in its best cash position in several years, without any debt. I
want to congratulate every one involved for the successful, upsized placement, especially given
the recent volatility in markets. With this capital, the Company can start to look ahead as the
Board and Management see the acceleration of the scandium market’s development. The Board
and Management look forward to sharing with the market more information on its future plans to
preserve and enhance the value of the Company’s scandium portfolio.”
The net proceeds from the sale of the Units will be used towards the maintenance of the
Company’s scandium minerals properties and for general and administrative expenses. The
Offering is conditional upon receipt of required regulatory approvals, including the approval of the
TSX.
The securities issued and issuable pursuant to the Offering, will be subject to a four month
statutory hold period in accordance with applicable Canadian securities laws. The securities will
also be subject to restrictions under U.S. securities laws, which generally restrict any resales for
a period of six months.
This news release does not constitute an offer to sell or a solicitation of an offer to buy 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 (the “1933 Act”) or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933
Act) unless registered under the 1933 Act and applicabl e state securities laws, or an exemption
from such registration is available.
ABOUT SCANDIUM INTERNATIONAL MINING CORP.
The Company is focused on developing its Nyngan Scandium Project, located in NSW, Australia, into
the world’s first scandium-only producing mine. The project is 100% owned by the Company, through
our Australian subsidiary, EMC Metals Australia Pty Ltd.
The Company filed a NI 43 -101 technical report in May 2016, titled “Feasibility Study – Nyngan
Scandium Project”. That feasibility study delivered an expanded scandium resource, a first reserve
figure, and an estimated 33.1% IRR on the project, supported by extensive metallurgical test work and
an independent, 10-year global marketing outlook for scandium demand.
For inquiries to Scandium International Mining Corp, please contact:
Peter Evensen (CEO)
Tel: (702) 703-0178
Harry de Jonge (Comptroller)
Tel: (702) 703-0178
Email: [email protected]
This press release contains forward-looking statements about the Company and its business. Forward
looking statements are statements that are not historical facts and include but are not limited to
statements regarding the Offering, the use of proceeds, and closing of the final tranche of the Offering.
The forward-looking statements in this press release are subject to various risks, uncertainties and
other factors that could cause the Company's actual results or achievements to differ materially from
those expressed in or implied by forward looking statements. Forward-looking statements are based
on the beliefs, opinions and expectations of the Company's management at the time they are made,
and other than as required by applicable securities laws, the Company does not assume any obligation
to update its forward -looking statements if those beliefs, opinions or expectations, or other
circumstances, should change.