(TheNewswire)
June 27, 2024, MONTRÉAL (QUÉBEC) – TheNewswire – Scandium Canada Ltd. (TSX-V: SCD) (OTC: SCDCF) (the “ Corporation ”) announces that it has closed a non-brokered private placement foraggregate gross proceeds of $500,000 (the “ Offering ”) . TheOffering consisted of the issuance of 10,000,000 units of the Corporation(the “ Units ”) at a price of $0.05 per Unit.Each Unit consists of one common share ofthe Corporation (a “ CommonShare ”) that qualifiesas “flow-through share” pursuant to subsection 66(15) of the Income Tax Act (Canada) (the “ TaxAct ”) , 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 2024 diamond drillingprogram at its Crater Lake project.
No finder’s fees were paid in connection with thefirst tranche of this Offering. The CommonShares and the Warrants issued pursuant to this Offering are subjectto a restricted hold period of four months and one day, ending onOctober 28, 2024, under applicable Canadian securities laws. TheOffering remains subject to the final approval of the Exchange.
This new release does not constitutean offer to sell or a solicitation of an offer to buy any of thesecurities in the United States. The securities have not been and willnot be registered under the United States Securities Act of 1933, asamended (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 Offering, closing of any subsequent tranche of theOffering, the final approval of the Exchange in connection with theOffering, the development of the Crater Lake project and, generally,the above “About Scandium Canada Ltd.” paragraph which essentiallydescribed the Corporation’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, and contingencies. Theseestimates and assumption may prove to be incorrect. Many of theseuncertainties and contingencies can directly or indirectly affect, andcould cause, actual results to differ materially from those expressedor implied in any forward-looking statements and future events, coulddiffer materially from those anticipated in such statements. Adescription of assumptions used to develop such forward-lookinginformation and a description of risk factors that may cause actualresults to differ materially from forward-looking information can befound in the Corporation’s disclosure 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 TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of 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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