Scandium International Closes Private Placement Financing
May 8, 2018 (Source) — Scandium International Mining Corp. (TSX: SCY) (“Scandium International” or the “Company”) is pleased to announce that it has closed a private placement of 6,071,900 shares at C$0.18 per share for gross proceeds of C$1,092,492. The Company announced previously (April 23, 2018) receipt of C$900,000 in the private placement, but additional funds of C$192,492 were raised prior to the Closing from a private investor. The primary investor was Rothschild Asset Management. No commissions or fees were paid on the transaction.
The proceeds from the financing will be used for general working capital, and specifically for the advancement of the Company’s Nyngan Scandium Project in NSW, Australia.
All securities issued under the private placement will be subject to a Canadian hold period expiring four months after the closing date. The securities will also be subject to restrictions on resale under U.S. federal securities laws. Closing of the private placement has received stock exchange approval.
The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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