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Scottie Resources Announces 98% Uptake on Accelerated Warrant Exercise for $2.54 Million

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT), is pleased to announce that it has received $2,542,464.54 from the exercise of 11,556,657 previously issued warrants associated with a financing in the autumn of 2019. On behalf of the Company, the board and management are grateful for the continued support of its shareholders as we continue to advance our Golden Triangle projects, notably the Scottie Gold Project.

President and CEO, Bradley Rourke commented “With an exercise rate of 98% our shareholders have resoundingly endorsed our vision for Scottie and its inherent capacity for continued success. Fall 2020 aims to be an exciting time for the Company as we receive and release assays from our active drill program. As of today, we have completed 23 holes out of a planned 45 holes.”

On July 6, 2020 Scottie’s share price closed at $0.385, after being at or above $0.29 during the previous 10 consecutive trading days. Based on the terms of the Warrants, this triggered the Company’s option to accelerate the expiry of the 11,351,265 Warrants held by shareholders who participated in the Financing, as well as the 325,392 broker Warrants issued in the Financing (see the Company’s news releases dated September 25, 2019 and October 18, 2019). Scottie provided formal notice of the Warrant acceleration allowing the holder to purchase one common share of the Company for each Warrant held at a price of at $0.22 per Warrant.

Funds will be used to add 2,000 m of diamond drilling to the ongoing 2020 drill program (as previously announced on August 13th, 2020), support the follow-up 2021 drill program, and support corporate activities.

ABOUT SCOTTIE RESOURCES CORP.

Scottie owns a 100% interest in 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 Cambria Project properties and the Sulu property. Scottie Resources holds 24,589 ha of mineral claims in the Golden Triangle.

All of the Company’s properties are located in the area known as the Golden Triangle of British Columbia which is among the world’s most prolific mineralized districts.

Further information on Scottie can be found on the Company’s website at http://www.scottieresources.com and at www.sedar.com, or by contacting Bradley Rourke, President and CEO at (250) 877-9902 or Rahim Lakha, Corporate Development at (416) 414-9954.

Forward Looking Statements

This news release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.

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