Scorpio Gold Closes Over-Subscribed Final Tranche of Private Placement, Bringing Gross Proceeds Raised to Over $7 million
TSXV: SGN
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Scorpio Gold Closes Over-Subscribed Final Tranche of Private
Placement, Bringing Gross Proceeds Raised to Over $7 million
April 22, 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 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 $0.08 per Share, for gross proceeds of $1,703,411.
In total, through the Financing, the Company raised $7,070,000 and issued 88,375,000 common
shares.
“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 $107,588
in cash finder’s fees and issued an aggregate of 3,364,850 finder’s warrants. All finder’s warrants
are exercisable for 12 months from the date of issuance, at an exercise price of $0.08.
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
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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 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; 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
1377-2248-0662, v. 2
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 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 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.