/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.