Scorpio Gold Announces Completion of $5.4 million First Tranche of Financing and Upsize of Total Financing to Over $7 million
TSXV: SGN
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Scorpio Gold Announces Completion of $5.4 million First Tranche of
Financing and Upsize of Total Financing to Over $7 million
April 15, 2025 - Vancouver, British Columbia – Scorpio Gold Corporation (TSX -V: SGN,
OTCQB: SRCRF, FSE: RY9 ) (“Scorpio” or the “Company”) is pleased to announce that it has
closed a first tranche (the “ First Tranche”) of its previously announced financing (the
“Financing”) through the issuance of 67,082,355 common shares (the “ Shares”) at a price of
$0.08 per Share, for gross proceeds of $5,366,588, and that it intends to increase (the “Upsize”)
the total size of the Financing from $6 million to up to $7.05 million.
In connection with the First Tranche, the Company paid finder’s fees of $18,248 and issued
230,350 in finder’s warrants, each finder’s warrant entitling the holder to acquire one common
share at an exercise price of $0.08 for two years from issuance. All securities issued pursuant to
the First Tranche are subject to a statutory hold period of four months and one day from the date
of issuance. The Company intends to use the net proceeds from the Financing towards property
maintenance and further exploration and development of the Mineral Ridge and Goldwedge
Manhattan Projects, as well as for general working capital.
The Financing included the issuance of an aggregate of 312,500 Shares to a director and an
officer of the Company for gross proceeds of $25,000. Accordingly, the issuance of such
securities (collectively, the “Insider Participation”) constituted “related party transactions” within
the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special
Transactions (“MI 61-101”). The Company was exempt from the requirements to obtain a formal
valuation and minority shareholder approval in connection with the Insider Participation in reliance
on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the Insider
Participation nor the securities issued in connection therewith exceeded 25% of the Company's
market capitalization.
The planned close for the second and final tranche of the Financing is Tuesday, April 22. The
Upsize is subject to approval by 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 news release does not constitute an offer to sell or a solicitation to
buy any securities in any jurisdiction.
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About Scorpio Gold Corporation
Scorpio holds a 100% interest in two past producing mines, the Manhattan Mine and the Mineral
Ridge Mine, both located in the Walker Lane Trend of Nevada, USA. Scorpio’s Manhattan District
comprises the advanced exploration-stage Goldwedge Project, with a 400 ton per day gravity mill.
Adjacent to Goldwedge is the 4,300-acre Manhattan Project, centered on two past-producing pits,
acquired from Kinross in 2021. The consolidated Manhattan District presents an exciting late-
stage exploration opportunity, with over 100,000m+ of historical drilling, with significant resource
potential, alongside valuable permitting. Scorpio Gold also holds a 100% interest in the Mineral
Ridge gold project located in Esmeralda County, Nevada. Scorpio produced over 222,440oz of
gold at Mineral Ridge between 2010 and 2020. With a proven and probable resource, valuable
permits, water rights, infrastructure, and the recently acquired adjacent North Star exploration
target, Mineral Ridge has significant near-term development potential.
ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION
Zayn Kalyan, Chief Executive Officer and Director
Tel: (604) 252-2672
Email: [email protected]
Investor Relations Contact:
Kin Communications Inc.
Tel: (604) 684-6730
Email: [email protected]
Connect with Scorpio Gold:
Email | Website | Facebook | LinkedIn | X | YouTube
To register for investor updates please visit: scorpiogold.com
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 and the Upsize; the
timing of the second tranche of the Financing; 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 m anagement’s assumptions may not be correct and that actual results may
differ materially from such forward-looking statements. Such forward-looking statements involve
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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.