Scorpio Gold receives $7.92M from warrant exercises

Executive Summary

• Scorpio Gold Corp. received approximately $7.9 million in aggregate proceeds from the exercise of common share purchase warrants over the past seven months.
• The company confirms that the remaining warrants from its February 2024 financing have expired, simplifying the capital structure and removing potential dilution uncertainty.
• Proceeds are allocated to continued drilling, technical studies, and general corporate purposes to advance exploration in the Manhattan district.

Key Details

• Total Proceeds: Approximately $7,923,500 received from warrant exercises.
• Warrant Exercise Volume: 39,617,500 common share purchase warrants were exercised.
• Exercise Price: 20 cents per common share.
• Warrant Origin: Warrants were issued in connection with the company's February 2024 financing.
• Expiration: The remaining 20-cent warrants issued pursuant to the February 2024 financing have expired in accordance with their terms.
• Use of Proceeds: Allocated toward continued drilling, technical studies, and general corporate purposes.
• Strategic Impact: Strengthened balance sheet and simplified capital structure by eliminating the "warrant overhang."

Notable Quotes

• "The receipt of $7.9-million in warrant proceeds over the past seven months strengthens our treasury while also simplifying our capital structure through the expiry of the remaining 20-cent warrants. Eliminating this warrant overhang removes a source of dilution uncertainty and positions the company with a cleaner equity profile." — Zayn Kalyan, Chief Executive Officer