TSX-V:SGN
News Release No. 12
February 24, 2010
Scorpio Gold Announces Terms of Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE U.S.
Vancouver, February 24, 2010 - Scorpio Gold Corporation (the "Company")
(TSX-V: SGN) is pleased to announce the terms of its brokered private
placement offering of units announced on February 16, 2010, co-led by
Thomas Weisel Partners Canada Inc. and Industrial Alliance Securities
Inc., and including Mackie Research Capital Corporation (collectively,
the "Agents"). The offering will be a "best efforts" brokered private
placement offering of up to C$10 million of units ("Units"), at a price
of C$0.45 per Unit (the "Offering"). Each Unit will consist of one
common share of the Company ("Common Share") plus one-half of one common
share purchase warrant ("Warrant"). Each whole Warrant will entitle the
holder thereof to acquire one Common Share of the Company at a price of
C$0.60 for a period of 18 months following the closing of the Offering.
The Company has also granted the Agents an option to offer for sale
additional Units at the Offering price, exercisable by the Agents up to
two days prior to the closing of the Offering for additional gross
proceeds of up to C$1.5 million.
Proceeds of the Offering will be used to fund capital and development
costs and property and royalty acquisition payments for the Mineral
Ridge property and for general corporate purposes.
The Offering is scheduled to close on or about March 10, 2010 and is
conditional on, among other things, the concurrent closing of the
Mineral Ridge property and Mary Mining royalty acquisitions by the
Company and receipt of all necessary approvals including the approval of
the TSX Venture Exchange. The securities to be issued under the Offering
will be offered in Canada by way of private placement exemptions, and
offshore, including in the United Kingdom, pursuant to applicable
exemptions and in the United States on a private placement basis
pursuant to exemptions from the registration requirements of the United
States Securities Act of 1933, as amended (the "U.S. Securities Act").
The securities offered have not been and will not be registered under
the U.S. Securities Act and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registrations requirements of such Act. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy the
securities in any jurisdiction in which such offer, sale or solicitation
would be unlawful.
For additional information please see the Company's website at
www.scorpiogold.com
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley,
Chief Executive Officer and Director
For further information contact:
Jag Sandhu, JNS Capital Corp. Tel : (604) 306-1950
Email: jagsandhu@telus.net
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
The Company relies on litigation protection for "forward-looking"
statements. This news release contains forward-looking statements that
are based on the Company's current expectations and estimates.
Forward-looking statements are frequently 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 Company's plans with
respect to the exploration and development of its projects. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ materially from estimated or anticipated events or
results implied or expressed in such forward-looking statements. 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 therein.
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Scorpio Gold Corp.
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DEVELOPMENT STAGE |
CODE : SGN.V |
ISIN : CA80918M1041 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Scorpio Gold is a gold exploration company based in Canada. Its main asset in development is MINERAL RIDGE MINE in USA and its main exploration properties are COCHRANE HILL, CARIBOU GOLD MINE, LAC ARSENAULT and MINERAL RIDGE in Canada. Scorpio Gold is listed in Canada. Its market capitalisation is CA$ 20.6 millions as of today (US$ 15.0 millions, € 13.7 millions). Its stock quote reached its highest recent level on March 12, 2010 at CA$ 1.12, and its lowest recent point on December 07, 2018 at CA$ 0.01. Scorpio Gold has 124 950 000 shares outstanding. |