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All monetary amounts are expressed in Canadian
Dollars, unless otherwise indicated.
VANCOUVER, BC, April 22,
2022 /CNW/ - Scottie Resources Corp. (TSXV:
SCOT) ("Scottie" or the "Company") is pleased to
announce that it has closed its previously announced brokered
private placement financing pursuant to an agency agreement dated
April 22, 2022 (the "Agency
Agreement") with Cormark Securities Inc. ("Cormark") and
Research Capital Corporation ("RCC", together with Cormark,
the "Agents"), raising aggregate gross proceeds of
C$5,008,000 (the "Offering").
Cormark acted as lead agent pursuant to the terms of the Offering,
under which the Company issued 10,000,000 flow-through common
shares of the Company (the "Premium FT Shares") at a price
of C$0.30 per Premium FT Share;
4,000,000 flow-through common shares of the Company (the
"Traditional FT Shares", together with the Premium FT
Shares, the "FT Shares") at a price of C$0.25 per Traditional FT Share; and 4,800,000
non-flow-through common shares of the Company (the "HD
Shares") at a price of C$0.21 per
HD Share.
Pursuant to the Agency Agreement, the Agents received a cash
commission of $300,480, representing
6.0% of the gross proceeds raised under the Offering, and were
issued 1,128,000 broker warrants ("Broker Warrants"),
representing 6.0% of the number of FT Shares and HD Shares issued
under the Offering. Each Broker Warrant entitles the holder to
purchase one common share (a "Broker Warrant Share") of the
Company at a price of C$0.30 per
Broker Warrant Share for a period of 24 months from the date
hereof.
The gross proceeds received by the Company from the sale of the
FT Shares will be used to incur "Canadian exploration expenses"
that are "flow-through mining expenditures" (as such terms are
defined in the Income Tax Act (Canada)) and "BC flow-through mining
expenditures" (as defined in the Income Tax Act
(British Columbia)) on the
Company's properties in British
Columbia (the "Qualifying Expenditures"). The
Qualifying Expenditures will be renounced to the subscribers with
an effective date no later than December 31,
2022.
All FT Shares, HD Shares, Broker Warrants and Broker Warrant
Shares issued and issuable under the Offering are subject to a
statutory hold period and may not be traded until August 23, 2022, except as permitted by
applicable securities legislation. The Offering is subject to the
final approval of the TSX Venture Exchange.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or
sale would be unlawful. The securities being offered have not been,
nor will they be, registered under the United States Securities Act
of 1933, as amended (the "1933 Act") and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements of the 1933 Act, as amended, and application state
securities laws.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a 100% interest in the high-grade, past-producing
Scottie Gold Mine and Bow properties and has the option to purchase
a 100% interest in Summit Lake
claims which are contiguous with the Scottie Gold Mine property.
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 52,000 ha 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 the 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.
Forward-Looking Statements
This news release includes forward-looking statements that
are subject to risks and uncertainties. All statements within,
other than statements of historical fact, are to be considered
forward looking, including, but not limited to, statements relating
to the use of proceeds from the Offering and the receipt of all
required regulatory approvals. Although Scottie believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, changes to the Income Tax Act (Canada) or administrative changes to the
application thereof in respect of flow-through mining expenditures
and general economic, market or business conditions and regulatory,
shareholder and administrative approvals, processes and filing
requirements. There can be no assurances that such statements will
prove accurate and, therefore, readers are advised to rely on their
own evaluation of such uncertainties. We do not assume any
obligation to update any forward-looking statements except as
required under applicable laws.
SOURCE Scottie Resources Corp.