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Slide #89. Scorpio Gold Corporation — Nevada Mineral Properties
Scorpio Gold Corporation (CVE:SGN.CA)
Nevada Mineral Properties
Scorpio Gold Corporation announced that it has entered into a non-binding letter of intent with Royal Standard Minerals Inc. to acquire a package of three mineral properties located in Nevada in consideration for $2.5 million in cash, 17.5 million shares of Scorpio Gold and the assumption by Scorpio Gold of debt owing by Royal Standard to Waterton Global Value, L.P., Scorpio Gold's existing creditor, which is expected to total approximately US$16 million on the closing of the Acquisition. In connection with the Acquisition, Scorpio Gold has advanced Royal Standard a secured refundable deposit of $250,000, and will continue to advance Royal Standard further refundable deposits of $100,000 per month until the completion of the Acquisition (collectively with the $250,000 deposit, the "Deposits"). On the closing of the Acquisition, the Deposits will be credited against the cash consideration payable by Scorpio Gold to Royal Standard. In the event that the Acquisition does not proceed, Royal Standard will have three months to repay the Deposits to Scorpio Gold.
Scorpio Gold is engaged in the exploration and development of mining properties.
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