Scorpio Gold Corporation Announces Closing of Oversubscribed First Tranche of $3.5 Million Private Placement
Vancouver, British Columbia – March 31, 2025 – Scorpio Gold Corporation (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) (“Scorpio” or the “Company”), is thrilled to update shareholders on the progress of its non-brokered private placement (the “Private Placement”). The Company has announced its intention to close the first tranche (the “First Tranche”) of the Private Placement, which was oversubscribed, on March 31, 2025.
First Tranche Details
The First Tranche will see the issuance of 67,957,355 common shares (the “Shares”) of the Company at a price of $0.08 per Share, raising gross proceeds of $5,436,588 for Scorpio.
Second Tranche and Total Proceeds
The Company intends to close the second and final tranche (the “Second Tranche”) of the Private Placement on or about Tuesday, April 8, 2025. The Second Tranche, along with the First Tranche, will bring the total proceeds raised under the Private Placement up to $6,000,000.
Impact on Scorpio Gold Corporation
The successful closing of the oversubscribed First Tranche is a positive sign for Scorpio Gold Corporation. The proceeds from the Private Placement will be used to advance the Company’s exploration and development activities, including the ongoing drilling program at its Goldwedge Project in Nevada.
Impact on the World
While the Private Placement may not have a significant direct impact on the world, it is worth noting that Scorpio Gold Corporation is focused on the exploration and development of gold projects. As a result, the success of the Company could contribute to the overall gold supply and potentially impact gold prices.
Conclusion
Scorpio Gold Corporation’s successful closing of the oversubscribed First Tranche of its $3.5 million non-brokered private placement is a positive development for the Company. The proceeds from the Private Placement will be used to advance the Company’s exploration and development activities, with the Second Tranche expected to close shortly. While the impact on the world may not be significant, the success of Scorpio Gold Corporation could contribute to the overall gold supply and potentially influence gold prices.
- Scorpio Gold Corporation closes oversubscribed First Tranche of $3.5 million Private Placement
- Gross proceeds raised: $5,436,588
- Second Tranche of Private Placement expected to close on April 8, 2025
- Proceeds to be used for exploration and development activities
- Success could contribute to overall gold supply and potentially influence gold prices
