- Scorpio Gold (SRCRF, Financial) completes over-subscribed private placement, raising $7.07 million.
- Final tranche includes issuance of 21,292,645 shares at $0.08, generating $1.7 million.
- Proceeds to support Manhattan Project exploration and development, with securities hold period until August 2025.
Scorpio Gold Corporation (SRCRF) has successfully closed the second and final tranche of its over-subscribed private placement, concluding with significant investor interest. The company raised a total of $7,070,000 through the issuance of 88,375,000 common shares. The final tranche involved the issuance of 21,292,645 shares priced at $0.08 each, generating gross proceeds of $1,703,411.
In connection with the financing, Scorpio Gold paid cash finder's fees totaling $107,588 and issued 3,364,850 finder's warrants. These warrants are exercisable within 12 months at an exercise price of $0.08. The financing proceeds are earmarked for property maintenance and the exploration and development of the company's Manhattan Projects, as well as general working capital needs.
Securities issued in this final tranche are subject to a hold period ending on August 22, 2025, in accordance with applicable securities laws. The closing of the financing remains subject to the final approval of the TSX Venture Exchange, ensuring compliance with regulatory standards.
Scorpio Gold's CEO, Zayn Kalyan, expressed enthusiasm about the completion of the financing, highlighting the strong market confidence in the company's strategic initiatives, especially the Manhattan Project. The company plans to leverage the raised capital to advance exploration efforts, enhancing the project's value amidst the evolving U.S. gold market landscape.
