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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 1, 2017) - Scientific Metals Corp. ("STM" or the "Company") (TSX VENTURE:STM) (FRANKFURT:26X) (OTCQB:SCTFF) is pleased to announce that the Company's previously announced non-brokered private placement of units (each, a "Unit") has been over-subscribed. As a result, in addition to offering the Units at a post-Consolidation price of $0.20 per Unit for gross proceeds of up to $2,000,000, the Company will be offering additional units (each, an "Additional Unit") at a post-Consolidation price of $0.23 per Additional Unit for gross proceeds of up to $500,000. Each Additional Unit shall be comprised of one common share in the capital of the Company and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at a post-Consolidation price of $0.40 per share at any time within 18 months of the date of issuance. All of the securities underlying the Units and the Additional Units will be subject to a four month resale restriction. In connection with the private placement, finder's fees shall be payable to eligible arm's length parties in accordance with the policies of the TSX Venture Exchange. |
