Scottie Resources (TSX-V:SCOT) has closed the first tranche of its private placement, raising C$8.39 million ($9.33 million) from its greater C$6 million equity raise and US$25 million construction loan plan with privately held Ocean Partners UK.
The company issued 6.82 million shares at C$1.23 per share, raising for Canadian exploration expenses at the Scottie Gold Mine Project in British Columbia.
Ocean Partners UK provided the lead order of C$6 million, accounting for the first tranche.
Scottie will use the capital to push the Scottie Direct Shipping Ore (DSO) Project towards production, with Ocean Partners signing an offtake agreement for its material.
Ocean Partners will purchase 100% of the gold produced at the Scottie Gold Mine Project for the first eight years of commercial production, as previously reported by Mining.com.au.
The global demand for gold has continued to grow recently amid tariff concerns, with Trading Economics reporting a yearly increase of 35.97%.
The commodity is currently priced at US$3,350 per ounce as of 12 August, not long after US President Donald Trump announced that gold will not be tariffed via a Truth Social post.
Scottie Resources is focused on producing “high-margin” DSO products by expanding known mineralisation at historically producing mines.
Write to Maddison Elliott at Mining.com.au
Images: Scottie Resources
