Business
Scorpio Gold Announces Closing of First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 13, 2023) - Scorpio Gold Corporation (T...
About this update from Scorpio Gold Corporation
[{"type":"text","content":"Scorpio Gold Announces Closing of First Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 13, 2023) - Scorpio Gold Corporation (TSXV: SGN) (\"Scorpio Gold\" or the \"Company\") is pleased to announce that it has closed the first tranche (the \"First Tranche\") of its non-brokered private placement (the \"Private Placement\") described in the press release dated December 1, 2023 by raising gross proceeds to the Company of $480,000 by the issuance of 3,200,000 units of the Company at a price of $0.15 per unit. Each unit was comprised of one common share of the Company and one common share purchase warrant, with each warrant exercisable to acquire one common share of the Company at an exercise price of $0.20 until December 13, 2025. The Company paid aggregate cash finder's fees of $6,000 and granted 40,000 non-transferable compensation warrants of the Company to arm's length finders of the Company in connection with the First Tranche. Each compensation warrant entitles the holder thereof to purchase one common share of the Company at an exercise price of $0.20 until December 13, 2025. The Company intends to use the proceeds from the First Tranche for general working capital purposes. The securities issued in the First Tranche will be subject to a four-month hold period ending on April 14, 2024 in accordance with applicable securities laws. The Company intends to complete the remainder of the Private Placement by the end of 2023.The Private Placement is subject to the final approval of the TSX Venture Exchange.The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"1933 Act\") or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the 1933 Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATIONChris Zerga, President and CEOTel: (819) 825-7618Email: [email protected] the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequac...