Business
Scorpio Gold Announces Restructured Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2023) - Scorpio Gold Corporation (TS...
About this update from Scorpio Gold Corporation
[{"type":"text","content":"Scorpio Gold Announces Restructured Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 1, 2023) - Scorpio Gold Corporation (TSXV: SGN) (\"Scorpio Gold\" or the \"Company\") announces that it has restructured the terms of its planned financings, which were described in the Company's press releases dated November 8 and 10, 2023, into one non-brokered private placement (the \"Private Placement\") to raise gross proceeds to the Company of up to $4,000,000 by the issuance of up to 26,666,666 units of the Company at a price of $0.15 per unit. Each unit will be 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 for a period of two years from the date of issuance. The details of the Private Placement are reflected on a post-consolidation basis, as the Company's common shares began trading on a consolidated basis on November 24, 2023.The Private Placement is to be completed prior to closing of the Company's proposed acquisition of all the outstanding shares of Altus Gold Corp. (the \"Transaction\"). The Company plans to use the proceeds of the Private Placement for general working capital purposes. The Company intends to complete a first tranche of the Private Placement on or about December 8, 2023, and complete the remainder of the Private Placement before the end of 2023. For further details on the Transaction, see the Company's press release dated November 8, 2023.The Private Placement is subject to the 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 th...