pcNewsWire – Scientific Metals Corp. (TSX-V: STM; FSE: 26X; OTCQB: SCTFF) intends to complete a non-brokered private placement of units at $0.85 per unit for gross proceeds of $1,700,000.
Proceeds will be used for the phase 1 exploration program at its flagship Iron Creek cobalt property in Idaho, and for general working capital purposes.
Press Release
Scientific Metals Announces Private Placement
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 17, 2017) – Scientific Metals Corp. (“STM” or the “Company”) (TSX VENTURE:STM)(FRANKFURT:26X)(OTCQB:SCTFF) is pleased to announce that, subject to the approval of the TSX Venture Exchange, the Company proposes to complete a non-brokered private placement (the “Offering”) of units (each, a “Unit”) at a price of $0.85 per Unit for gross proceeds of $1,700,000. Each Unit shall be comprised of one common share in the capital of the Company and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to purchase one common share at a price of $1.10 per share at any time within 24 months of the date of issuance of the warrant. All of the securities to be issued under the private placement will be subject to a four month resale restriction.
The Company intends to use the net proceeds of this private placement for the phase 1 exploration program at its flagship Iron Creek cobalt property in Idaho, and for general working capital purposes. Management plans on closing the Offering by May 18, 2017.
For further information on the Company and cobalt, please visit https://youtu.be/HVQwpQy0_1k.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Scientific Metals Corp.
Wayne Tisdale
President
(604) 639-4457
info@scientificmetalscorp.com
www.scientificmetalscorp.com
