SCOTTIE RESOURCES ANNOUNCES EFFECTIVE DATE OF CONSOLIDATION

Rhea-AI Summary

Scottie Resources (TSXV: SCOT) (OTCQB: SCTSF) has announced the implementation of a 6:1 share consolidation effective December 3, 2024. The company's outstanding shares will reduce from 299,819,618 to approximately 49,970,000 common shares. Fractional shares of 0.5 or greater will be rounded up, while those below 0.5 will be rounded down. All outstanding warrants and stock options will be adjusted accordingly, with exercise prices increased by a factor of six and the number of shares issuable reduced by dividing by six.

Positive

• None.

Negative

• Share consolidation (reverse split) typically indicates potential financial distress or need to meet listing requirements
• Significant reduction in outstanding shares may impact stock liquidity

VANCOUVER, BC, Nov. 28, 2024 /PRNewswire/ - Scottie Resources Corp. ("Scottie" or the "Company") (TSXV: SCOT) (OTCQB: SCTSF) (FSE:SR8) is pleased to announce that the previously announced consolidation of the Company's issued and outstanding common shares at a ratio of six pre-consolidation shares to one post-consolidation share (the "Consolidation") will become effective at the market opening on December 3, 2024.  

Immediately prior to the Consolidation, the Company had 299,819,618 common shares issued and outstanding. Upon completion of the Consolidation, the Company will have approximately 49,970,000 common shares issued and outstanding. Fractional shares of 0.5 or greater will be rounded up to the nearest whole number of common shares and fractional shares of less than 0.5 will be rounded down to the nearest whole number of Shares. Some slight variance is expected due to fractional rounding. As is customary, to reflect the Consolidation, all outstanding warrants and incentive stock options will be adjusted to increase their exercise price by a factor of six and to reduce the number of common shares issued upon exercise by dividing by six.

ABOUT SCOTTIE RESOURCES CORP.

Scottie owns a 100% interest in the Scottie Gold Mine Property which includes the Blueberry Contact Zone and the high-grade, past-producing Scottie Gold Mine. Scottie also owns 100% interest in the Georgia Project which contains the high-grade past-producing Georgia River Mine, as well as the Cambria Project properties and the Sulu and Tide North properties. Altogether Scottie Resources holds approximately 58,500 hectares of mineral claims in the Stewart Mining Camp in the Golden Triangle.

The Company's focus is on expanding the known mineralization around the past-producing mines while advancing near mine high-grade gold targets, with the purpose of delivering a potential resource.

All of the Company's properties are located in the area known as the Golden Triangle of British Columbia which is among the world's most prolific mineralized districts.

Forward Looking Statements

This news release may contain forward–looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward–looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward–looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward–looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.

View original content to download multimedia:https://www.prnewswire.com/news-releases/scottie-resources-announces-effective-date-of-consolidation-302318496.html

SOURCE Scottie Resources Corp.

FAQ

What is the share consolidation ratio announced by Scottie Resources (SCTSF)?

Scottie Resources announced a 6:1 share consolidation ratio, meaning six pre-consolidation shares will be converted into one post-consolidation share.

When will Scottie Resources (SCTSF) share consolidation become effective?

The share consolidation will become effective at market opening on December 3, 2024.

How many shares will Scottie Resources (SCTSF) have after the consolidation?

After the consolidation, Scottie Resources will have approximately 49,970,000 common shares issued and outstanding, reduced from 299,819,618 shares.

How will the consolidation affect Scottie Resources (SCTSF) warrants and stock options?

All outstanding warrants and stock options will have their exercise prices increased by a factor of six, and the number of shares issued upon exercise will be divided by six.