Scorpio Gold Closes Final Tranche of Private Placement
TSXV:SGN
Unit 1–15782 Marine Drive
White Rock, BC, V4B 1E6
T: (604) 536-2711
www.scorpiogold.com
News Release No. 299
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Scorpio Gold Closes Final Tranche of Private Placement
Vancouver, October 14, 2020 – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV:
SGN) is pleased to announce it has closed the second and final tranche of a C$6 million private placement
offering as announced on September 15, 2020.
The first tranche closed on September 14, 2020 by the issue of 27,768,500 units at $0.16 per unit for
proceeds of $4,443,000. The second and final tranche was closed by the issue of the balance of 9,731,250
units Augusta Investments Inc. (“Augusta”) for proceeds of $1,557,000 bringing Augusta’s investment to
27.2% of the now outstanding shares of the Company.
Each unit consists of one common share of the Company and one share purchase warrant with each warrant
exercisable for three years from the date of issue at an exercise price of $0.24. All securities issued and
issuable are subject to a hold period in Canada for four months and a day from the date of issue.
About Scorpio Gold
Scorpio Gold holds a 100% interest in the advanced exploration-stage Goldwedge property in Manhattan,
Nevada with a fully permitted underground mine and a 400 ton per day mill facility and, subject to closing,
a 100% interest in the Manhattan Property situated adjacent and proximal to the Goldwedge property (see
October 14, 2020 press release).
Pursuant to an earn-in option agreement Titan Mining Corporation can earn an 80% joint venture interest
on the Company’s 100% owned Mineral Ridge gold project located in Esmeralda County, Nevada . To
maintain the earn-in option Titan must spend a total of US$35 million over a staged period of five years. If
Titan spends the initial US$7 million of expenditures by January 1, 2022, it will also have the right to
exercise an option to purchase a 100% interest in Mineral Ridge by paying Scorpio Gold US$35 million on
or before December 31, 2022.
This news release is intended for distribution in Canada only and is not intended for distribution to United
States newswire services or dissemination in the United States. This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of the Shares or Warrants (the “Securities”) in the
United States or to, or for the account or benefit of, any U.S. person. The Securities 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 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, any U.S. person unless an exemption from such regis tration
requirements is available. “United States” and “U.S. person” are as defined in Regulation S under the
U.S. Securities Act.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Scorpio Gold Corporation | 2
Brian Lock, CEO
For further information contact:
Brian Lock
Tel: (604) 889-2543
Email: [email protected]
Anthony Simone
Tel: (416) 881-5154
Email: [email protected]
Website: www.scorpiogold.com
Neither 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.
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”, “inte nd”, “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
the planned use of proceeds of the Private Placement, the potential exercise of the Earn-in Option or the Purchase Option, and the
Company’s plans with respect to exploration, development and exploitation at it s Goldwedge projects. Such forward-looking
statements involve known and unknown risks, u ncertainties 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 risks
involved in mineral exploration and development programs, risks involved in mineral processing and 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.