Scorpio Gold Increases Private Placement With a Lead Order From Palisades Goldcorp
Mr. Brian Lock reports
Scorpio Gold Corp. has increased the private placement announced Aug. 31, 2020, by $1-million with a committed lead order from Palisades Goldcorp Ltd.
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 exploration on the Company’s Goldwedge mineral property 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.
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.
We seek Safe Harbor.