Scorpio Gold Announces up to C$10.8
million Private Placement
- Scorpio Gold Corporation today
announced that it has engaged Jennings Capital Inc. to proceed with a private
placement offering to raise gross proceeds of up to C$10,800,000 through the
issuance of common shares on a �best efforts basis� at a price of C$0.60 per
share (the �Offering�).
Proceeds of the Offering
will be used to fund capital requirements, property bonding, exploration and
development for the Mineral Ridge property and for general corporate purposes.
The Offering is scheduled
to close on or about January 20, 2011 and is subject to certain conditions
including, but not limited to, the 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 all the
provinces of 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, as amended,
or any state securities laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from such registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in the United States or 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:
Peter J. Hawley Tel: (819) 825-7618
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 intent to complete the Offering, the timing thereof, the use of the
proceeds therefrom, and its plans with respect to the
exploration and development of its Mineral Ridge property. 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. Factors that may cause actual results to vary materially include,
but are not limited to, changes in general economic conditions or conditions in
the financial markets, fluctuations in gold prices and currency exchange rates
and unanticipated operational or technical difficulties. Such forward looking
information is based on a number of assumptions, including but not limited to,
the availability of financing, no significant decline in existing general
business and economic conditions, the level and volatility of the gold price,
the accuracy of our reserve and resource estimates and of the geological,
metallurgical, price and other assumptions on which the estimates are based and
receipt of the approval of the TSX Venture Exchange. 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.