Scandium Canada Closes $620,000 First Tranche of Private Placement
MONTREAL, QUEBEC -- December 20, 2024 -- NewsGenie -- Scandium Canada Ltd. (TSX-V: SCD) (OTC: SCDCF) has announced the closing of the first tranche of a non-brokered private placement, raising $620,000 through the issuance of 24,800,000 flow-through shares at $0.025 each.
The net proceeds will be used to update resources at the TG Zone of the Crater Lake Project, complete geotechnical reports, and prepare for fieldwork in 2025. Finder’s fees of $24,000 were paid to an arm's length finder. The flow-through shares are subject to a hold period ending on April 20, 2025, and the offering awaits final approval from the TSX Venture Exchange.
Scandium Canada intends to close subsequent tranches of the offering by December 31, 2024, aiming for total gross proceeds of $750,000, representing up to 30,000,000 flow-through shares. An insider purchased 400,000 flow-through shares for $10,000, a related party transaction under Regulation 61-101 and TSXV Policy 5.9. Exemptions from formal valuation and minority approval requirements were utilized, with directors confirming no conflicting views.
The company also plans a non-brokered hard-cash offering to raise up to $1,000,000 through the issuance of 50,000,000 common shares at $0.02 each. These funds will cover administrative expenses, reporting issuer costs, offering-related expenses, and management salaries. The Hard-Cash Offering is subject to TSXV approval.
This announcement does not constitute an offer to sell securities in the United States. Scandium Canada focuses on its scandium project in Québec and develops aluminum and scandium alloys to reduce carbon emissions.