Scorpion Minerals Raises $355,000 Through Option Conversions and Lodges Cleansing Prospectus

Scorpion Minerals Limited ( (AU:SCN) ) has issued an announcement.

Scorpion Minerals Limited has issued 8,875,000 fully paid ordinary shares following the conversion of unlisted options exercisable at $0.04, generating gross proceeds of $355,000, with directors accounting for 4,625,000 of the converted options and $185,000 of the funds raised. To facilitate secondary trading of these newly issued shares and any others issued before the offer closes, the company has lodged a cleansing prospectus with ASIC for a small offer of 10,000 shares at $0.04 each and noted that 44,025,000 options in the same class remain available for exercise, providing a potential additional source of future capital and liquidity for shareholders.

The most recent analyst rating on (AU:SCN) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Scorpion Minerals Limited stock, see the AU:SCN Stock Forecast page.

More about Scorpion Minerals Limited

Scorpion Minerals Limited is an ASX-listed resources company engaged in mineral exploration and development, with its securities traded on the Australian Securities Exchange under the code SCN. The company raises capital through equity instruments, including options and ordinary shares, to fund its ongoing exploration and corporate activities within the Australian mining sector.

Average Trading Volume: 1,376,655

Technical Sentiment Signal: Buy

Current Market Cap: A$22.38M

For an in-depth examination of SCN stock, go to TipRanks’ Overview page.