May 17 (Reuters) - Scientific Metals Corp STM.V
* Scientific Metals announces private placement
* Scientific Metals - proposes to complete a non brokered private placement of units at price of $0.85 per unit for gross proceeds of $1.7 million
* Scientific metals - intends to use net proceeds of private placement for phase 1 exploration program at its flagship Iron Creek cobalt property in Idaho Source text for Eikon: ID:nMKWwdQFTa Further company coverage: STM.V