Mr. Bradley Rourke reports
SCOTTIE RESOURCES ANNOUNCES ACCELERATION OF SHARE PURCHASE WARRANTS
Scottie Resources Corp. has provided formal notice to warrantholders that it has exercised its option to accelerate the expiry of warrants and broker warrants issued in the company's financing that closed in two tranches: on Sept. 25, 2019, and Oct. 18, 2019.
Chief executive officer Bradley Rourke commented: "The acceleration of these warrants provides us with the financial stability and flexibility to advance our flagship Scottie gold mine project. The timing of this is ideal as it will allow us to supplement our 2020 exploration program, already under way. We encourage the warrantholders to exercise and increase their position with Scottie Resources!"
On July 6, 2020, Scottie's share price closed at 38.5 cents, after closing at or above 29 cents during the previous 10 consecutive trading days. Based on the terms of the warrants, this triggers the company's option to accelerate the expiry of the 11,351,265 warrants held by shareholders who participated in the financing, as well as the 325,392 broker warrants issued in the financing (see the company's news releases dated Sept. 25, 2019, and Oct. 18, 2019). The warrants issued in the financing allow the holder to purchase one common share of the company for each warrant held at a price of 22 cents per warrant.
Warrantholders have until the close of business on Aug. 17, 2020, to exercise warrants held. If the warrants are not exercised by Aug. 17, 2020, they will expire pursuant to the acceleration terms of the warrant. Exercise of all 11,676,657 warrants would generate a total of $2,568,864.
About Scottie Resources Corp.
Scottie owns a 100-per-cent interest in the high-grade, past-producing Scottie gold mine and Bow properties, and has the option to purchase a 100-per-cent interest in the Summit Lake claims, which are contiguous with the Scottie gold mine property. Scottie also owns a 100-per-cent interest in the Cambria project properties and the Sulu property. Scottie Resources holds 24,589 hectares of mineral claims in the Golden Triangle.
We seek Safe Harbor.
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