08:44 AM EDT, 07/09/2025 (MT Newswires) -- Scottie Resources ( SCTSF ) on Wednesday said it is raising $16.8 million through a non-brokered private placement financing with a lead order coming from Ocean Partners UK.

The offering will include a best efforts non-brokered private placement of up to around 10.9 million charitable flow-through shares of the company at a price of $1.23 apiece for gross proceeds of $13.5 million. The offering also consists of a best efforts non-brokered private placement of up to around 3.7 million non-flow through common shares at a price of $0.88 each for gross proceeds of approximately $3.3 million.

The company said that the gross proceeds from the issue and sale of the charity FT shares will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) related to the Scottie Gold Mine Project in British Columbia.

The non-flow-through common shares will be used to fund engineering and environmental studies and G&A expenses. The net proceeds from the sale of the common shares will be used for development activities, study work, permitting activities, and for working capital and general corporate purposes, said the company.

The offering is expected to close on or about July 30, subject to certain conditions.