Mr. Brad Rourke reports
SCOTTIE RESOURCES ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT
Scottie Resources Corp., further to its news releases dated Sept. 8 and Oct. 4, 2023, has closed the second tranche of its non-brokered private placement. Under the second tranche, the company issued 4,008,333 common shares which qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) at a price of 24 cents per FT share for gross proceeds of $962,000.
The company intends to use the gross proceeds raised from the second tranche for exploration and related programs on the company's Scottie and Blueberry mineral properties which qualify as Canadian exploration expenses, as such term is defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the Tax Act, and flow-through mining expenditures, as defined in Subsection 127(9) of the Tax Act, that will qualify as flow-through mining expenditures, and B.C. flow-through mining expenditures, as defined in Subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2024, and renounced with an effective date no later than Dec. 31, 2023, to the initial purchasers of FT shares.
The securities offered in the second tranche are subject to a four-month-and-a-day transfer restriction from the date of issuance expiring on Feb. 7, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The company intends to close a third and final tranche of the private placement on or before Oct. 23, 2023.
We seek Safe Harbor.
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