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Scorpio Gold Provides Update to Private Placement Including Potential Increase of the Size of the Private Placement
VANCOUVER, British Columbia, April 08, 2019 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) is pleased to provide an
About this update from Scorpio Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, April 08, 2019 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) is pleased to provide an update regarding the Company’s non-brokered private placement of secured convertible debentures for gross proceeds of up to US$6,000,000 (the “Private Placement”), previously announced in the Company’s press release on January 28, 2019. The Exchange has granted an extension for filing final documentation in respect of the Private Placement. The Company anticipates that the Private Placement will close on or about April 15, 2019. The Company has encountered significant investor interest in the Private Placement. As a result of an increase in the anticipated number of subscribers, the Company plans to have the convertible debentures administered by Computershare Trust Company of Canada pursuant to a convertible debenture indenture agreement. Additionally, the Company has increased the maximum size of the Private Placement to US$7,000,000, subject to acceptance by the TSX Venture Exchange (the “Exchange”). For further details regarding the Private Placement, please refer to our news release dated January 28, 2019. The securities being offered have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent of such registration or an applicable exemption from such registration requirements. This press release does not constitute an offer for sale of, or a solicitation of an offer to buy, the securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted, including, but not limited to, the United States (“United States” and “U.S. person” are defined in Regulation S under the U.S. Securities Act). About Scorpio Gold Corporation Scorpio Gold holds a 100% interest in the producing Mineral Ridge gold mining operation located in Esmeralda County, Nevada. Mineral Ridge is a conventional open pit mining and heap leach operation. Mining at Mineral Ridge was suspended in November 2017; however, the Company continues to generate limited revenues from ...