Scorpio Gold Provides Update to Private Placement Including Potential Increase of the Size of the Private Placement
TSX -V: SGN
#206 - 595 Howe Street
Vancouver, British Columbia
V6C 2T5
T: 604-678-9639
www.scorpiogold.com
News Release No. 270
Scorpio Gold Provides Update to Private Placement Including Potential
Increase of the Size of the Private Placement
Vancouver, April 8, 2019 - Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN)
is pleased to provide an update regarding the Company’s non- brokered private placement of secured
convertible debentures for gross proceeds of up to US$6,000, 000 (the “Private Placement”), previously
announced in the Company’s press release on January 28, 2019.
The Exchange has granted an extension for filing final documentation in respect of the Private Placement.
The Company anticipates that the Private Placement will close on or about April 15, 2019.
The Company has encountered significant investor interest in the Private Placement. As a result of an
increase in the anticipated number of subscribers, t he Company plans to have the convertible debentures
administered by Computershare Trust Company of Canada pursuant to a convertible debenture indenture
agreement. Additionally, the Company has increased the maxi mum size of the Private Placement to
US$7,000,000, subject to acceptance by the TSX Venture Exchange (the “Exchange”).
For further details regarding the Private Placement, please refer to our news release dated January 28, 2019.
The securities being offered 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 applicable 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, U.S. persons absent of such registration or an appl icable exemption from such registration
requirements. This press release does not constitute an offer for sale of, or a solicitation of an offer to buy,
the securities, nor will there be any sale of these securities in any state or other jurisdiction in which such
offer, solicitation or sale is not permitted, including, but not limited to, the United States (“United States”
and “U.S. person” are defined in Regulation S under the U.S. Securities Act).
About Scorpio Gold Corporation
Scorpio Gold holds a 100% interest in the producing Mineral Ridge gold mining operation located in
Esmeralda County, Nevada. Mineral Ridge is a conventional op en pit mining and heap leach operation.
Mining at Mineral Ridge was suspended in November 2017; however, the Company continues to generate
limited revenues from residual but diminishing recoveries from the leach pads. Scorpio Gold also holds a
100% interest in the advanced exploration-stage Goldwedge property in Manhattan, Nevada with a fully
permitted underground mine and 400 ton per day mill facility . The Goldwedge mill facility has been
placed on a care and maintenance basis and can be restarted immediately when needed.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Brian Lock,
Interim CEO
For further information contact:
Brian Lock, Director and Interim Chief Executive Officer
Tel: (604) 889-2543
Email: [email protected] or [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 T SX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Company relies on litigation protection for "forwa rd-looking" statements. This news release contains forwar d-looking
statements that are based on the Company’s current expe ctations and estimates. Forward-looking statements are f requently
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 completion of the Private Placement (including the timing thereof), and the Company potentially increasing the size
of the Private Placement and approval thereof by the E xchange. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause actua l events or results to differ materially from estim ated or anticipated
events or results implied or expressed in such forward-lo oking statements, including risks relating to operation of a gold mine,
including the availability of cash flows or financing to m eet the Company’s ongoing financial obligations; the ina bility of the
Company to re-finance its long-term debt obligations; u nanticipated changes in the mineral content of materials b eing mined;
unanticipated changes in recovery rates; changes in project parameters; failure of equipment or processes to operate as anticipated;
the failure of contracted parties to perform; availability of skilled labour and the impact of labour disputes; obtaining the required
permits to expand and extend mining activities; delays in obtaining governmental approvals; changes in metals prices; unanticipated
changes in key management personnel; changes in general economic conditions; other risks of the mining industry and those risk
factors outlined in the Company’s Management Discussion and A nalysis 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.