| Home : March 2015 : March 07, 2015 News : Scorpio Gold Announces Strategic Financing to Raise Gross Proceeds of US$15 Million |
Scorpio Gold Announces Strategic Financing to Raise Gross Proceeds of US$15 Million |
March 07, 2015
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 6, 2015) - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) announces that it has entered into a non-binding letter of intent (the "LOI") with an affiliate of Coral Reef Capital LLC ("Coral Reef") pursuant to which Coral Reef will acquire an aggregate of 124,172,185 units (each a "Unit") of Scorpio Gold on a non-brokered private placement basis, at a price of US$0.1208 per Unit, for aggregate gross proceeds to Scorpio Gold of US$15,000,000 (the "Placement"). Each Unit will be comprised of one common share of Scorpio Gold (a "Share") and one quarter of a common share purchase warrant (each whole warrant, a "Warrant"), which Warrant will be exercisable for a period of five years to acquire an additional Share at an exercise price of US$0.1208. Proceeds of the Placement will be used to fund exploration and development of Scorpio Gold's existing mineral properties and for working capital.
http://www.marketwired.com/mw/release.do?id=1998280&sourceType=3
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