SCD:CC - Scandium Canada Announces Extension on Flow-Through Private Placement
(TheNewswire)
August 2, 2024 – TheNewswire – MONTRÉAL (QUÉBEC) – Scandium CanadaLtd. (TSX-V: SCD) (OTC: SCDCF) (the “ Corporation ”) ispleased to announce, following the closing of the two first tranchesof its non?brokered private placement of flow-through shares (the“ PrivatePlacement ”), its intention to close a thirdtranche of the Private Placement on or prior to September 5, 2024
As previously announced, the Private Placement consistsof the issuance of a maximum of 60,000,000 units ofthe Corporation (the “ Units ”) at a price of $0.05 perUnit, for aggregate gross proceeds of $3,000,000.
Each Unit consists of one common shareof the Corporation (a “ Common Share ”) thatqualifies as “flow-through share” pursuant to subsection 66(15) ofthe Income TaxAct (Canada) and one-halfCommon Share purchase warrant (each whole, a “ Warrant ”). EachWarrant entitles the holder thereof to purchase one Common Share at anexercise price of $0.10 per Common Share for a period of 24 monthsfrom the date of issuance thereof. If during a period of ten (10)consecutive trading days between the date that is four (4) monthsfollowing the closing of the Offering and the expiry of the Warrantsthe daily volume weighted average trading price of the Common Shareson the TSX Venture Exchange (the “ Exchange ”) (or suchother stock exchange where the majority of the trading volume occurs)exceeds $0.18 for each of those ten (10) consecutive days, theCorporation may, within 30 days of such an occurrence, give writtennotice to the holders of the Warrants that the Warrants will expire at4:00 p.m. (Montréal time) on the 30 th day followingthe giving of notice unless exercised by the holders prior to suchdate. Upon receipt of such notice, the holders of the Warrants willhave 30 days to exercise their Warrants. Any Warrants which remainunexercised at 4:00 p.m. (Montreal time) on the 30 th day followingthe giving of such notice will expire at that time.
The net proceeds from the sale of the Units will bemainly used by the Corporation to finance the diamond drilling programand the environmental data collection on its Crater Lake property ofthe Corporation.
For more detail regarding the Private Placement, pleaserefer to news releases issued on June 27, 2024 and July 25,2024 .
This news release does notconstitute an offer to sell or a solicitation of an offer to buy anyof the securities in the United States. The securities have not beenand will not be registered under the United States Securities Act of1933, as amended (the " U.S. Securities Act ") or any state securities laws andmay not be offered or sold within the United States or to U.S. Personsunless registered under the U.S. Securities Act and applicable statesecurities laws or an exemption from such registration is available.
About Scandium Canada Ltd.
Scandium Canada is a Canadian technology metalscompany focused on advancing its flagship Crater Lake scandium andrare earth project in Québec.
Forward-Looking Statements
All statements, other thanstatements of historical fact, contained in this press releaseincluding, but not limited to, those relating to the intended use ofproceeds of the Private Placement, closing of the Private Placement, the final approval of theExchange in connection with the Private Placement, the development ofthe Crater Lake project and, generally, the above “About ScandiumCanada Ltd.” paragraph which essentially described theCorporation’s outlook, constitute “forward-lookinginformation" or “forward-looking statements” within themeaning of applicable securities laws, and are based on expectations,estimates and projections as of the time of this press release.Forward-looking statements are necessarily based upon a number ofestimates and assumption that, while considered reasonable by theCorporation as of the time of such statements, are inherently subjectto significant business, economic and competitive uncertainties, andcontingencies. These estimates and assumption may prove to beincorrect. Many of these uncertainties and contingencies can directlyor indirectly affect, and could cause, actual results to differmaterially from those expressed or implied in any forward-lookingstatements and future events, could differ materially from thoseanticipated in such statements. A description of assumptions used todevelop such forward-looking information and a description of riskfactors that may cause actual results to differ materially fromforward-looking information can be found in the Corporation’sdisclosure documents on the SEDAR+ website at www.sedarplus.ca .
By their very nature,forward-looking statements involve inherent risks and uncertainties,both general and specific, and risks exist that estimates, forecasts,projections and other forward-looking statements will not be achievedor that assumptions do not reflect future experience. Forward-lookingstatements are provided for the purpose of providing information aboutmanagement’s endeavors to develop the Crater Lake project, and, moregenerally, its expectations and plans relating to the future. Readersare cautioned not to place undue reliance on these forward-lookingstatements as a number of important risk factors and future eventscould cause the actual outcomes to differ materially from the beliefs,plans, objectives, expectations, anticipations, estimates, assumptionsand intentions expressed in such forward-looking statements. All ofthe forward-looking statements made in this press release arequalified by these cautionary statements and those made in our otherfilings with the securities regulators of Canada. The Corporationdisclaims any intention or obligation to update or revise anyforward-looking statement or to explain any material differencebetween subsequent actual events and such forward-looking statements,except to the extent required by applicable law.
Neither the Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the Exchange) accepts responsibility for the adequacy or accuracyof this release.
Contact:
Guy Bourassa
Chief Executive Officer
Phone: 1 (418) 580-2320
info@scandium-canada.com
Rebecca Greco
Investor Relations
Phone: 1 (416) 822-6483
fighouse@yahoo.com
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