- Scottie Resources (TSXV:SCOT) has closed its previously announced non-brokered private placement for gross proceeds of approximately C$3.5 million
- The company issued roughly 14.75 million flow-through shares, each at a price of $0.24
- The proceeds will be used to incur eligible expenses related to the drilling and exploration of the company’s mineral properties in British Columbia
- The drill program will focus on expanding three targets that were previously drilled in 2019’s field season
- Scottie Resources (SCOT) is holding steady and is trading at $0.22 per share, with a market cap of $18.99 million
Scottie Resources (TSXV:SCOT) has closed its previously announced non-brokered private placement for gross proceeds of approximately C$3.5 million.
The company has now issued around 14.75 million flow-through shares at a price of $0.24 each.
With the offering now complete, Scotties Resources plans to use the proceeds to incur eligible Canadian exploration expenses.
These are considered flow-through mining expenses and will be related to exploration activities at the company’s mineral properties in the Golden Triangle region of British Columbia.
The drill program will focus on expanding three targets that were previously explored in last year’s field season.
These key intercepts included 73.32 grams per tonne of gold over 4.38 metres and 7.44 grams per tonne of gold over 34.78 metres.
Drilling at the property’s past-producing Scottie Gold Mine returned 11.72 grams per tonne of gold over 10.95 metres.
In addition, the company will test the high-grade Domino zone, which is located 1.9 kilometres on strike from the Scottie Gold Mine.
Previous grab samples at the zone indicated up to 536 grams per tonne of gold, as well as chip samples of 10.5 grams per tonne of gold over 5.3 metres.
Bradley Rourke, CEO of Scottie Resources, commented on the closing of the placement.
“Scottie Resources is pleased to receive the overwhelming support of existing shareholders and welcomes new shareholders in this financing, which fully funds the company’s 2020 exploration program,” he said.
Scottie Resources (TSXV:SCOT) is holding steady and is trading at $0.22 per share, as of 2:54pm EDT.
