Business
Scorpio Gold Announces Receipt of Second Deferred Payment from Mineral Ridge Sale
Vancouver, British Columbia--(Newsfile Corp. - May 26, 2026) - Scorpio Gold Corp. (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio Gold", or the "Company") announces that it has received the second 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, August 25, 2025 and December 3, 2025, the aggregate consideration for the sale of MRG...
About this update from Scorpio Gold Corporation
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - May 26, 2026) - Scorpio Gold Corp. (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio Gold", or the "Company") announces that it has received the second deferred payment from the previously completed sale of its wholly-owned subsidiary, Mineral Ridge Gold, LLC ("MRG"), to an arm's length purchaser.","length":377,"tagName":"p"},{"type":"text","content":"As disclosed in Scorpio Gold's news releases dated July 24, 2025, August 25, 2025 and December 3, 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.","length":352,"tagName":"p"},{"type":"text","content":"The Company confirms that all conditions for the second 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.","length":214,"tagName":"p"},{"type":"text","content":"With this second release, the US$1,500,000 indemnification holdback has now been fully released from escrow. Scorpio Gold also expects to receive the final US$1,000,000 payment on the 12-month anniversary of closing, as previously disclosed.","length":241,"tagName":"p"},{"type":"text","content":""The final escrow release from the sale of Mineral Ridge completes the full return of our indemnification holdback and further strengthens Scorpio's treasury as we continue to advance our ongoing 50,000-metre drill program. The strong results emerging from the Zanzibar Trend and Black Mammoth are pointing to multiple growth fronts and district-scale upside at Manhattan, and a well-funded treasury allows us to pursue these opportunities aggressively and with conviction", said Zayn Kalyan, CEO and Director of Scorpio Gold.","length":540,"tagName":"p"},{"type":"text","content":"About the Manhattan District","length":28,"tagName":"p"},{"type":"text","content":"Manhattan, located in the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately 20 kilometers south of the operating Round Mountain Gold Mine (https://www.kinross.com/operations/default.aspx#americas-roundmountain), which has produced more than 15 million ounce...