SCANDIUM INTERNATIONAL MINING CORP. (TSE:SCY) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01
On October 10, 2017, to a share exchange agreement dated June 30, 2017, as amended on September 11, 2017, between Scandium International Mining Corp. (the “Company”), EMC Australia Pty Ltd. (“EMC-A”), and Scandium Investments LLC (“SIL”), the Company completed the acquisition of a 20% ownership of EMC-A from SIL. In consideration, the Company issued a total of 58,830,645 common shares of the Company to SIL. The Company now holds 50% ownership of EMC-A, which is the Company’s Australian subsidiary that holds a 50% interest in both the Nyngan and Honeybugle Scandium Projects, located in New South Wales, Australia.
SIL is an investment partner of the Company owned by the Evensen family. to the transaction, Peter Evensen and Christian Evensen were appointed to the board of directors of the Company.
| Item 3.02 | Unregistered Sales of Equity Securities. |
See Item 2.01 above. The securities were sold to Section 4(a)(2) under the United States Securities Act of 1933, as amended.
| Item 5.01 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 10, 2017, Peter Evensen and Christian Evensen were appointed to the board of directors of the Company.
| Item 7.01 | Regulation FD Disclosure. |
On October 10, 2017, the Company issued a press release entitled “Scandium International Closes Share Exchange Transaction with Scandium Investments LLC”.
A copy of the press release is attached to this report as Exhibit 99.1 and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including the exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
The following Exhibit relating to Item 7.01 are intended to be furnished to, not filed with, the SEC to Regulation FD.
| 99.1 | News release dated October 10, 2017. |
SCANDIUM INTERNATIONAL MINING CORP. ExhibitEX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Scandium International Mining Corp.: Exhibit 99.1 – Filed by newsfilecorp.com NEWS RELEASE TSX: SCY October 10,…To view the full exhibit click here
About SCANDIUM INTERNATIONAL MINING CORP. (TSE:SCY)
Scandium International Mining Corp. is an exploration-stage mineral exploration and development company. The Company is focused on the development of scandium, rare earth minerals, and other specialty metals, including nickel, cobalt, boron, manganese, tantalum, titanium and zirconium. Its segments include Norway, Australia and the United States. Its principal project is the Nyngan Scandium Project located in New South Wales, Australia. The Company also holds an exploration license referred to as the Honeybugle Scandium property, which is a prospective scandium exploration property located over 20 kilometers from the Nyngan Scandium Project. It also owns of the Tordal Scandium/REE property exploration licenses located in Norway. The Nyngan Scandium Project site is located approximately 450 kilometers northwest of Sydney. The 90-square kilometer Tordal exploration property is prospective for a grouping of specialty metals and rare earth elements.
