Vancouver, British Columbia--(Newsfile Corp. - November 8, 2023) - Scorpio Gold Corporation (TSXV: SGN) ("Scorpio Gold" or the "Company") is pleased to announce that, further to its press releases dated May 25, 2023 and August 16, 2023, it has entered into an amended and restated letter of intent dated November 8, 2023 (the "Amended LOI") with Altus Gold Corp. ("Altus Gold") to restructure the terms of a proposed arm's length acquisition (the "Transaction") by the Company of all the issued and outstanding shares of Altus Gold, a private mining issuer with a mineral exploration program in Esmeralda County, Nevada referred to as the Northstar property, adjacent to Scorpio Gold's Mineral Ridge Mine. Altus Gold does not hold any interest in the Vanderbilt project. The Company initially announced the Transaction in its press release dated May 25, 2023, and announced an update on August 16, 2023. The Amended LOI replaces and supersedes the letter of intent entered into between the Company and Altus Gold dated May 18, 2023, and amended on June 15, 2023 and August 8, 2023.
Initial Financing
The Company also announces that it proposes to complete a non-brokered private placement (the "Initial Financing") to raise gross proceeds to the Company of up to $200,000 by the issuance of units of the Company at a price to be determined in the context of the market. Each unit will be comprised of one pre-Consolidation (as defined below) common share of the Company and one common share purchase warrant of the Company, with each warrant exercisable for one pre-Consolidation common share of the Company at an exercise price to be determined in the context of the market for a period of two years from the date of issuance. see & read more on
https://www.newsfilecorp.com/release/186721/Scorpio-Gold-Announces-Amended-and-Restated-Letter-of-Intent-to-Acquire-Altus-Gold-and-Private-Placement |