Scottie Resources Corp. (TSX-V:SCOT) said it has increased its previously-announced non-brokered private placement to up to $3,200,000, consisting of 18,823,529 units at a price of $0.17 per unit due to strong investor demand.
Each unit will consist of one common share of the company and one common share purchase warrant, which entitles the holder to purchase one common share at a price of $0.25 within two years of the closing date of the offering.
Proceeds of the offering will be used for exploration on the company's mineral properties, working capital, and general corporate purposes.
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Scottie said if the closing price of the company's common shares is at a price equal to or greater than $0.32 for a period of 10 consecutive trading days, it will have the right to accelerate the expiry date of the warrants by giving written notice to the holders that the warrants will expire on the date that is not less than 30 days from the date notice is provided.
A finder's fee may be paid to parties at arm's length that have introduced the company to certain subscribers participating in the offering, it said.
The offering is subject to acceptance of the TSX Venture Exchange, and all securities issued will be subject to a resale restriction in accordance with applicable securities laws, the company added.
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