Business
Scorpio Gold Announces Receipt of First Deferred Payment from Mineral Ridge Sale
Vancouver, British Columbia--(Newsfile Corp. - December 3, 2025) - Scorpio Gold Corp. (TSXV: S...
About this update from Scorpio Gold Corporation
[{"type":"text","content":"Scorpio Gold Announces Receipt of First Deferred Payment from Mineral Ridge SaleVancouver, British Columbia--(Newsfile Corp. - December 3, 2025) - Scorpio Gold Corp. (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) (\"Scorpio Gold\", or the \"Company\") announces that it has received the first deferred payment from the previously completed sale of its wholly-owned subsidiary, Mineral Ridge Gold, LLC (\"MRG\"), to an arm's length purchaser.As disclosed in Scorpio Gold's news releases dated July 24, 2025 and August 25, 2025, the aggregate consideration for the sale of MRG totalled US$7,500,000, of which US$1,500,000 was placed into escrow as an indemnification holdback, to be released in two equal tranches on the three-month and nine-month anniversaries of closing.The Company confirms that all conditions for the first scheduled release have been satisfied and that US$750,000, representing 50% of the escrowed funds, has now been released from escrow and paid to Scorpio Gold.The remaining US$750,000 is expected to be released on the nine-month anniversary of closing, subject to the terms of the escrow agreement. Scorpio Gold also expects to receive the final US$1,000,000 payment on the 12-month anniversary of closing, as previously disclosed.\"The initial escrow release from the sale of Mineral Ridge reinforces our balance sheet and further contributes to Scorpio's already strong treasury position as we ramp up our currently underway 50,000-metre drill program that aims to step out and expand the scale of the Manhattan District With a fortified treasury and a clear exploration mandate, we are moving into 2026 with the ability to advance Manhattan aggressively and with conviction,\" said Zayn Kalyan, CEO and Director of Scorpio Gold.Corporate Secretary ChangeThe Company also announces that Diana Mark is retiring from her role as Corporate Secretary of Scorpio Gold, effective December 3, 2025. The Board of Directors extends its sincere appreciation to Mrs. Mark for her dedicated service and meaningful contributions to the Company.Stephanie Sharma has been appointed Corporate Secretary of Scorpio Gold, effective December 3, 2025.Ms. Sharma brings extensive corporate governance and public company administration experience, with a career covering TSX-, CBOE-, TSXV-, and CSE-listed issuers across the mining, technology, and financial services sector...