Scottie Resources Secures $8.3M Financing and Offtake Agreement with Ocean Partners

Scottie Resources Corp ( (TSE:SCOT) ) has shared an announcement.

Scottie Resources Corp. has closed the first tranche of its non-brokered private placement financing, raising over $8.3 million through the issuance of charitable flow-through shares. The proceeds will be used for exploration expenses related to the Scottie Gold Mine Project. Ocean Partners UK Limited played a significant role by acquiring a substantial portion of the shares, resulting in them owning approximately 12.01% of Scottie’s common shares. Additionally, Scottie has entered into an offtake agreement with Ocean Partners for 100% of the production from the Scottie Gold Mine Project for the first eight years of commercial production.

Spark’s Take on TSE:SCOT Stock

According to Spark, TipRanks’ AI Analyst, TSE:SCOT is a Neutral.

Scottie Resources Corp’s stock score reflects the company’s challenging financial performance, with no operational revenue and ongoing losses. While the absence of debt and recent positive corporate developments provide some support, these factors are overshadowed by the bearish technical indicators and negative valuation metrics. The new project launch offers a glimmer of hope but requires successful execution to positively impact the stock.

To see Spark’s full report on TSE:SCOT stock, click here.

More about Scottie Resources Corp

Scottie Resources Corp. is a mining company that owns a 100% interest in several properties, including the Scottie Gold Mine Property, the Georgia Project, and others, located in the Golden Triangle of British Columbia. The company focuses on expanding known mineralization around past-producing mines and advancing high-grade gold targets to produce a high-margin DSO product.

Average Trading Volume: 55,552

Technical Sentiment Signal: Buy

Current Market Cap: C$51.97M

For detailed information about SCOT stock, go to TipRanks’ Stock Analysis page.