Vancouver-based Scottie Resources says the company recently closed a brokered private placement worth more than C$5 million (US$4 million), with plans to allocate the secured funds for the miner’s exploration activities.
“The gross proceeds received by the Company … will be used to incur 'Canadian exploration expenses' that are “flow-through mining expendi-tures” … and 'BC flow-through mining expenditures' … on the Company’s properties in British Columbia,” Scottie Resources said in a statement.
The miner says it owns “the high-grade, past-producing Scottie Gold Mine and Bow properties and has the option to purchase a 100% interest in Summit Lake claims which are contiguous with the Scottie Gold Mine property. Scottie also owns 100% interest in the Georgia Project which contains the high-grade past-producing Georgia River Mine, as well as the Cambria Project properties and the Sulu property.”