Scottie Resources Corp. (TSX-V:SCOT) told investors it plans to raise gross proceeds of up to $3.5 million through a non-brokered private placement of securities.
The company said the offering will include a combination of non-flow-through (NFT) units at $0.23 each for aggregate gross proceeds of up to $1.5 million and charity flow-through (Charity FT) units at $0.33 each for aggregate gross proceeds of up to $2 million.
Each NFT unit will include one share and half of a common share purchase warrant, while each charity FT unit will include one common share qualifying as a flow-through share and half a warrant. The warrants for all units are exchangeable for an additional share for two years at an exercise price of $0.35.
Scottie said it intends to use the gross proceeds raised from the Charity FT offering for exploration and related programs on its Scottie and Blueberry mineral properties. The proceeds from the NFT offering will also be used for general working capital and administrative purposes.
The company said it may pay finders' fees comprised of cash and non-transferable warrants in connection with the offering, subject to compliance with the policies of the TSX Venture Exchange.
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 approximately 60,000 hectares of mineral claims in the Stewart Mining Camp in the Golden Triangle.
Contact the author at stephen.gunnion@proactiveinvestors.com