Vancouver, British Columbia / TheNewswire / December 28, 2018 - Scotch Creek Ventures Inc. ("Scotch Creek") (CSE: SCV) is pleased to announce that, it successfully completed its initial public offering (the "IPO") of 3,305,000 common shares (the "Shares") of Scotch Creek at a price of $0.12 per Share for total gross proceeds of $396,600 (the "Proceeds").
Pursuant to the agency agreement dated November 13, 2018, Canaccord Genuity Corp. acted as agent (the "Agent") for the IPO. Scotch Creek paid to the Agent a cash commission equal to 9% of the Proceeds and granted the Agent and its sub agents non-transferable warrants entitling the Agent and its sub agents to purchase a total of 297,450 Common Shares at a price of $0.12 per Common Share until December 28, 2020. In connection with the IPO, the Agent also received a corporate finance fee.
Scotch Creek's common shares were listed on the Canadian Securities Exchange ("CSE") effective December 28, 2018 and halted pending completion of the IPO. Scotch Creek anticipates that its common shares will resume trading on the CSE on January 2, 2019 under the symbol "SCV".
Scotch Creek is engaged in the acquisition and exploration of its mineral property located in Esmerelda County, Nevada, USA. Pursuant to the Cupz Property Purchase Agreement, the Company currently has a one hundred percent (100%) undivided beneficial interest in the Cupz Property in Esmerelda County, Nevada.
The Proceeds will be used by Scotch Creek to fund its exploration program on the Cupz Property and for general working capital purposes.
Information set forth in this press release contains forward-looking statements relating to the use of proceeds, are made as of December 28, 2018 and are based on assumptions as of that date. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Scotch Creek cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Scotch Creek's control. Such factors include, among other things: risks and uncertainties relating to exploration and development; the ability of Scotch Creek to obtain additional financing; Scotch Creek's limited operating history; the need to comply with environmental and governmental regulations; potential defects in title to Scotch Creek's Property, fluctuations in currency exchange rates; fluctuations in the prices of commodities; operating hazards and risks; competition and other risks and uncertainties, including those described in Scotch Creek's prospectus dated November 13, 2018 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Scotch Creek undertakes no obligation to publicly update or revise forward-looking information.
David K. Ryan