Scorpio Gold increases Private Placement with a Lead Order from Palisades Goldcorp
TSXV:SGN
Unit 1–15782 Marine Drive
White Rock, BC, V4B 1E6
T: (604) 536-2711
www.scorpiogold.com
News Release No. 294
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Scorpio Gold increases Private Placement with a Lead Order from
Palisades Goldcorp
Vancouver, September 2, 2020 – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV:
SGN) is pleased to a nnounce it has increased the private placement announced August 31, 2020, by $1
million with a committed lead order from Palisades Goldcorp Ltd. (“Palisades”).
As announced August 31, 2020 Scorpio Gold will now raise C$6 million by the sale of 37,500,000 units
(“Units”) at C$0.16 per Unit (the “Offering”). Each Unit will consist of one common share of the Company
(each, a “Share”) and one Share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder
thereof to purchase one Share for a period of three years from issuance at an exercise price of $0.24.
The proceeds of the private placement will be used primarily for advancing the planned toll -milling
operations and e xploration on the Company’s Goldwedge mineral pr operty and for general corporate
purposes.
Scorpio will pay a finder’s fee to Ascenta Finance Corp. on the incremental $1 million, within TSX Venture
Exchange (the “Exchange”) policies.
The Offering is subject to the approval of the Exchange.
The Offering is in addition to the part-and-parcel transaction announced on August 31, 2020.
About Palisades
Palisades Goldcorp is Canada’s new resource focused merchant bank. Palisade’s management team has a
demonstrated track record of making money and is backed by many of industry’s most notable financiers.
With junior resource equities valuated a generational lows and Palisade’s management believes the sector
is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in
undervalued companies and assets with the goal of generating superior returns.
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 registration requirements
is available. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities
Act.
Scorpio Gold Corporation | 2
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Brian Lock, CEO
For further information contact:
Brian Lock
Tel: (604) 889-2543
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”, “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
the effectiveness of the Agreement, the closing and planned use of proceeds of the Private Placement, receipt of the regulatory and
shareholder approvals discussed in this press release, 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, 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 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 rel iance should not be put on such
statements due to the inherent uncertainty thereof.