Scorpio Gold inks $15 mln financing deal with Coral Reef Capital
Scorpio Gold Corp (TSX-V: SGN) has agreed to a private placement transaction with U.S. private equity firm Coral Reef Capital. Under the terms of the agreement, Coral Reef will acquire Scorpio units, generating US$15 million of gross proceeds. The company will use the proceeds to fund exploration and development of its mineral properties and for working capital. Following the deal's close, Coral Reef will hold 49.8 percent of Scorpio's outstanding shares. Based in Vancouver, Scorpio holds a 70 percent interest in Nevada's Mineral Ridge gold project. Its partner in the project is Canadian private equity firm Waterton Global Resource Management.
9 March 2015•6 mins read
