Funds Will Support BC Exploration
Scottie Resources Corp.(TSXV:SCOT) has entered into an agreement with Stifel GMP, pursuant to which Stifel GMP will purchase, on a “bought deal” private placement basis, 20,000,000 flow-through common shares of the company at a price of C$0.27 for aggregate gross proceeds of C$5,400,000.
The company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 5,000,000 Charitable FT Shares at the Offering Price exercisable in whole or in part, at any time and from time to time on or prior to the date that is 48 hours prior to the Closing Date.
Each Charitable FT Share shall consist of one common share of the company which will qualify as a “flow-through share” and will be sold on a charitable flow-through basis.
The gross proceeds received by the company from the sale of the Charitable FT Shares will be used to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) related to the company’s projects in British Columbia.
The Offering is scheduled to close on or about June 1, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
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 Cambria Project properties and the Sulu property. Scottie holds more than 25,000 hectares of mineral claims in the Golden Triangle. Scottie’s focus is on expanding the known mineralisation around the past-producing mine while advancing near mine high-grade gold targets, with the purpose of delivering a potential resource. All of Scottie’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.
