Gold company Scottie Resources has announced a C$8.1-million financing package with Franco-Nevada, encompassing a 2% gross production royalty on all minerals produced on Scottie’s claims in the Stewart mining camp in the Golden Triangle.
In addition, Franco-Nevada agreed to purchase common shares of the company comprising the entire back-end of an aggregate C$1.5-million charity flow-through private placement at a price to flow-through subscribers of C$0.275 each.
"We are happy to welcome Franco-Nevada as a shareholder and stakeholder of Scottie. This transaction validates the progress we've made and recognizes the value opportunity present at Scottie. With the funding from Franco-Nevada and the proceeds raised from our January private placement, Scottie is in a strong financial position for future operations,” said president and CEO Brad Rourke.
The company owns a 100% interest in the Scottie property, which includes the Blueberry zone and the high-grade, past-producing Scottie gold mine.
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. Altogether Scottie holds more than 60 000 ha of mineral claims in the Stewart Mining Camp in the Golden Triangle.