Scottie Resources (TSX-V:SCOT) has closed its private placement to raise an aggregate C$15.89 million ($17.26 million) to fund exploration expenses at its Scottie Gold Mine Project in British Columbia, Canada.
The company has issued 10.24 million flow-through shares and 3.75 million common shares across three tranches, with the final tranche issuing 3.42 million flow-through shares at C$1.23 per share for C$4.20 million.
The previous two tranches retained C$8.39 million from 6.82 million flow-through shares in tranche one and another C$3.3 million from 2.75 million common shares in tranche two.
The final tranche requires the company to pay C$172,651 in finder’s fees, while also issuing 159,825 finder’s warrants. Warrants will allow the holder to acquire one additional share at C$0.88 per share for a 24 month period from the issue date.
Scottie has paid a total of $283,135 in cash commissions, issuing an aggregate 261,975 finder’s warrants across this placement.
Scottie Resources is a Canadian explorer focused on expanding known mineralisation from historically producing mines to produce a ‘high-margin’ direct shipping ore product.
Write to Maddison Elliott at Mining.com.au
Images: Scottie Resources
