The latest update is out from Scorpio Gold ( (TSE:SGN) ).
Scorpio Gold Corporation announced the closure of an over-subscribed first tranche of its private placement, raising over $5.4 million, exceeding the initially planned $3.5 million. The proceeds will be used for property maintenance, exploration, and development of the Mineral Ridge and Goldwedge Manhattan Projects, and general working capital. The company also updated on its $1.15 million loan, with a remaining balance of $750,000 due by April 1, 2025, which it plans to repay in full. This financial maneuvering positions Scorpio Gold for continued development and exploration in its Nevada-based projects, potentially enhancing its market position and resource base.
More about Scorpio Gold
Scorpio Gold Corporation is a mining company with a 100% interest in two past-producing mines, the Manhattan Mine and the Mineral Ridge Mine, located in the Walker Lane Trend of Nevada, USA. The company focuses on advanced exploration and development projects, including the Goldwedge Project and the Manhattan Project, which offer significant resource potential. Scorpio Gold has produced over 222,440 ounces of gold at Mineral Ridge and holds valuable permits and infrastructure for future development.
YTD Price Performance: -15.00%
Average Trading Volume: 236,279
Technical Sentiment Signal: Buy
Current Market Cap: C$11.12M
Learn more about SGN stock on TipRanks’ Stock Analysis page.