Scorpio Gold Closes Over-Subscribed Final Tranche of Private Placement, Bringing Gross Proceeds Raised to Over $7 million
Scorpio Gold (SRCRF) has successfully completed its over-subscribed financing, raising total gross proceeds of $7,070,000 through the issuance of 88,375,000 common shares. The second and final tranche closed with the issuance of 21,292,645 shares at $0.08 per share, generating $1,703,411.
The company paid $107,588 in cash finder's fees and issued 3,364,850 finder's warrants, exercisable for 12 months at $0.08. The proceeds will fund property maintenance, exploration, and development of the Manhattan Projects, along with general working capital. Securities from the second tranche have a hold period ending August 22, 2025.
Scorpio Gold (SRCRF) ha completato con successo un finanziamento sovraccarico, raccogliendo un totale lordo di 7.070.000 $ attraverso l'emissione di 88.375.000 azioni ordinarie. La seconda e ultima tranche si è chiusa con l'emissione di 21.292.645 azioni a 0,08 $ ciascuna, generando 1.703.411 $.
La società ha pagato 107.588 $ in commissioni di intermediazione in contanti e ha emesso 3.364.850 warrant per intermediari, esercitabili per 12 mesi a 0,08 $. I proventi saranno utilizzati per la manutenzione delle proprietà, l'esplorazione e lo sviluppo dei Manhattan Projects, oltre che per il capitale circolante generale. I titoli della seconda tranche sono soggetti a un periodo di blocco che termina il 22 agosto 2025.
Scorpio Gold (SRCRF) ha completado con éxito su financiación sobresuscrita, recaudando un total bruto de 7.070.000 $ mediante la emisión de 88.375.000 acciones ordinarias. La segunda y última fase se cerró con la emisión de 21.292.645 acciones a 0,08 $ por acción, generando 1.703.411 $.
La empresa pagó 107.588 $ en comisiones en efectivo a los agentes colocadores y emitió 3.364.850 warrants para agentes, ejercitables durante 12 meses a 0,08 $. Los fondos se destinarán al mantenimiento de las propiedades, exploración y desarrollo de los Manhattan Projects, además del capital de trabajo general. Los valores de la segunda fase tienen un período de retención que finaliza el 22 de agosto de 2025.
Scorpio Gold (SRCRF)는 초과 청약된 자금 조달을 성공적으로 완료하여, 88,375,000 보통주 발행을 통해 총 7,070,000달러의 총 수익을 모았습니다. 두 번째이자 마지막 트랜치는 주당 0.08달러에 21,292,645주를 발행하며 1,703,411달러를 창출했습니다.
회사는 중개인 수수료로 현금 107,588달러를 지급하고, 0.08달러에 12개월간 행사 가능한 3,364,850개의 중개인 워런트를 발행했습니다. 수익금은 맨해튼 프로젝트의 자산 유지, 탐사 및 개발과 일반 운영 자금으로 사용될 예정입니다. 두 번째 트랜치의 증권은 2025년 8월 22일까지 보호 기간이 적용됩니다.
Scorpio Gold (SRCRF) a réussi son financement sursouscrit, levant un produit brut total de 7 070 000 $ par l'émission de 88 375 000 actions ordinaires. La deuxième et dernière tranche s'est clôturée avec l'émission de 21 292 645 actions à 0,08 $ chacune, générant 1 703 411 $.
La société a payé 107 588 $ en frais de courtage en espèces et émis 3 364 850 bons de souscription pour courtiers, exerçables pendant 12 mois à 0,08 $. Les fonds serviront à l'entretien des propriétés, à l'exploration et au développement des Manhattan Projects, ainsi qu'au fonds de roulement général. Les titres de la deuxième tranche sont soumis à une période de blocage jusqu'au 22 août 2025.
Scorpio Gold (SRCRF) hat seine überzeichnete Finanzierung erfolgreich abgeschlossen und dabei insgesamt 7.070.000 $ Bruttoerlöse durch die Ausgabe von 88.375.000 Stammaktien erzielt. Die zweite und letzte Tranche wurde mit der Ausgabe von 21.292.645 Aktien zu je 0,08 $ abgeschlossen, was 1.703.411 $ einbrachte.
Das Unternehmen zahlte 107.588 $ in bar als Vermittlungsgebühren und gab 3.364.850 Vermittler-Warrants aus, die für 12 Monate zu 0,08 $ ausübbar sind. Die Erlöse werden für die Instandhaltung der Liegenschaften, Exploration und Entwicklung der Manhattan-Projekte sowie für das allgemeine Betriebskapital verwendet. Die Wertpapiere der zweiten Tranche unterliegen einer Haltefrist bis zum 22. August 2025.
- Successfully raised $7.07 million through over-subscribed financing
- Strong investor interest demonstrates market confidence
- Secured funding for Manhattan Project exploration and development
- Share dilution due to issuance of 88,375,000 new common shares
- Additional dilution potential from 3,364,850 finder's warrants
Vancouver, British Columbia--(Newsfile Corp. - April 22, 2025) - Scorpio Gold Corporation (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio" or the "Company") is pleased to announce that it has closed the second and final tranche (the "Second Tranche") of its over-subscribed financing (the "Financing"), through the issuance of a further 21,292,645 common shares (the "Shares") of the Company at a price of
In total, through the Financing, the Company raised
"We're excited to announce the successful closing of this financing, which was met with exceptional investor interest-reflecting growing recognition of the value proposition Scorpio Gold's Manhattan Project presents in the context of a strong gold market. This financing enables us to significantly advance exploration at the Manhattan Project, an asset we believe is materially undervalued compared to its peers. This comes at a pivotal time, as the U.S. market evolves and U.S. domestic gold production gains strategic importance, particularly with the recent invocation of the Defense Production Act to further the development of gold production and assets. With our maiden resource on track for filing in Q2, we look forward to executing an aggressive exploration program this year, further unlocking the value of Manhattan," said Zayn Kalyan, CEO and Director of Scorpio Gold.
In connection with both tranches of the Financing, the Company paid an aggregate of
The closing of the Financing is subject to final approval of the TSX Venture Exchange.
The Company intends to use the proceeds from the Second Tranche for property maintenance and further exploration and development of the Manhattan Projects, as well as for general working capital. The securities issued through the Second Tranche are subject to a four-month and one day hold period ending on August 22, 2025, in accordance with applicable securities laws.
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 news release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Scorpio Gold Corporation
Scorpio holds a
ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION
Zayn Kalyan, Chief Executive Officer and Director
Tel: (604) 252-2672
Email: zayn@scorpiogold.com
Investor Relations Contact:
Kin Communications Inc.
Tel: (604) 684-6730
Email: SGN@kincommunications.com
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TSXV: SGN | OTCQB: SRCRF | FSE: RY9
Forward-Looking Statements
The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding: TSXV approval of the Financing; Scorpio Gold's value proposition; the Company's plan of advancing exploration at its Manhattan Project; the U.S. market's evolution and the increasing importance of U.S. domestic gold production; timing expectations for the maiden resource at the Manhattan Project; the Company's plan to execute an aggressive exploration program this year and further unlock the value of Manhattan; and the Company's expected use of proceeds from the Financing. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR+. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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FAQ
How much did Scorpio Gold (SRCRF) raise in its latest financing round?
What is the exercise price and duration of SRCRF's finder's warrants?
How will Scorpio Gold use the proceeds from its recent financing?
When does the hold period end for SRCRF's second tranche securities?
