Scientific Metals Completes Non-brokered Private Placement And Closes The Iron Creek Cobalt Acquisition
March 17, 2017 – VANCOUVER, BRITISH COLUMBIA – Scientific Metals Corp. (“STM” or the “Company“) (TSXV: STM) (Frankfurt: 26X) (OTCQB: SCTFF) is pleased to announce that it has completed a non-brokered private placement (the “Offering“) of units (each, a “Unit“) at a price of $0.45 per Unit. Pursuant to the Offering, the Company issued an aggregate of 2,117,777 Units, generating gross proceeds of $953,000. Each Unit is comprised of one common share in the capital of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.65 per share at any time within 18 months of the date of issuance. All of the securities issued under this private placement are subject to a four month resale restriction.
The Company intends to use the net proceeds of the offering to advance its lithium and cobalt properties and for general working capital purposes.
The Company also announces that, further to its press release issued February 21, 2017, it has completed the acquisition of 25 unpatented lode mining claims, totalling 500 acres to the south extension of its flagship Iron Creek cobalt project. In consideration for the mining claims, the Company issued 2.1 million common shares to the arm’s length vendors at a deemed price of $0.62 per share.
For additional information please contact:
Scientific Metals Corp.
Wayne Tisdale, President
T: (604) 639-4457
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. . In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the proposed use of proceeds from the private placement. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
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