VANCOUVER, BC / ACCESSWIRE / April 22, 2021 / Scotch Creek Ventures Inc. (the "Company") (CSE:SCV)(FSE:7S2) ("Scotch Creek" or the "Company") is pleased to announce that its private placement of 5,714,286 units announced March 12. 2021 has been oversubscribed by 851,834 units. The Company has determined to accept the oversubscriptions and will issue a total of 6,566,120 units (each a "Unit") at $0.35 per Unit for gross proceeds of $2,298,142. The Company is proceeding with closing of the private placement.
Scotch Creek Ventures' CEO, Mr. David Ryan, commented "we are thrilled by the strong investor interest that we have received throughout this financing. The company is now fully funded to proceed with its exploration objectives on the newly acquired lithium projects in Clayton Valley, Nevada. We believe that our two lithium projects, Highlands West and Macallan East, are ideally located in Clayton Valley, with increasing number of companies surrounding us announcing strong exploration results. Most recently, Noram Ventures Inc. announced lithium grade results of 1,220 PPM. We intend to further deliver shareholder value through exploration of our highly promising projects within the same region."
Private Placement Details:
Each Unit consists of one common share of the Company and one share purchase warrant with each warrant entitling the holder to purchase one additional common share for a period of 2 years from issuance at $0.50 per share. The Company has the right to accelerate the expiry of the warrants should the Company's shares trade above $1.00 for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 15 business days after the Company issues a news release announcing that it has elected to exercise this acceleration right.
In connection with the Offering, the Company will pay cash finder's fees totaling $104,610.53 to arm's length party/parties to Scotch Creek, representing 7% of the gross proceeds raised from investors introduced to the Company by the finders and will issue a total of 314,637 finder's warrants exercisable at $0.50 per share for a period of 12 months.
All securities issued in connection with the Offering are subject to a standard hold period of four months and one day in accordance with applicable securities laws.
Commissioning of a 43-101 Technical Report
Scotch Creek Ventures' is also pleased to announce the engagement of Mr. Robert Marvin as a Technical Advisor. Mr. Marvin is a Qualified Person under National Instrument 43-101, and will lead Scotch Creek Ventures' efforts in preparing a 43-101 compliant Technical Report.
About Robert Marvin, P. Geo, CPG
Mr. Marvin is a third-generation geologist, and has more than 35 years of experience as independent consultant. He has been involved in exploration and development of various projects throughout Americas, ranging from gold, copper, uranium, zinc, and lithium. Mr. Marvin has had a great track record of success in various projects including Bayfield Ventures and Cypress Development Corp.
About Scotch Creek Ventures
Scotch Creek is a mineral exploration company, focused on the acquisition, exploration, and development of lithium projects located in tier-one North American mining jurisdictions. Scotch Creek's mission is to become a best-in-class lithium exploration company situated in one of the most promising lithium districts in the world, Clayton Valley, Nevada.
On behalf of the Board of Directors
"David K. Ryan"
Chief Executive Officer
The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release may constitute forward-looking information. Forward- looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
SOURCE: Scotch Creek Ventures Inc.