Scottie Resources (TSX-V:SCOT) has closed its second and final tranche of the company’s non-brokered private placement to fund exploration activities across the group’s properties in British Columbia.
The company has raised C$3.3 million ($3.68 million) in this tranche and will now issue 3.75 million shares, each holding an offer price of C$0.88 per share.
On completion of the placement, Scottie has returned an aggregate C$11.68 million, which will be directed towards development activities, study work, permitting activities, and working capital.
The company engaged privately held Ocean Partners UK for the first tranche, returning C$8.39 million as a part of its greater C$6 million equity raise and US$25 million construction loan plan, as reported by Mining.com.au.
Finders have been issued 102,150 non-transferrable warrants, valuing a cash commission of $110,484, which allows holders to purchase an additional share at the same offer price for a period of two years.
Scottie Resources is an exploration company focused on producing ‘high-grade’ products from the Scottie Gold Mine Property in British Columbia.
Write to Maddison Elliott at Mining.com.au
Images: Scottie Resources
