VANCOUVER – Scorpio Gold Corporation () (OTCQB:SRCRF) (FSE:RY9) announced today it has increased the size of its public offering to up to 40 million common shares at $0.25 per share for aggregate gross proceeds of up to $10 million, according to a press release statement. The offering price represents a 19% premium to the current stock price of $0.21, though shares have declined 27.5% year-to-date.
The mining company amended its agreement with Velocity Trade Capital Ltd., acting as sole bookrunner, and Raymond James Ltd., as co-lead agents, to expand the “best efforts” offering. The agents will have an option to purchase up to an additional 6 million shares on the same terms within 30 days following closing for market stabilization and over-allotment purposes.
The net proceeds will fund exploration activities at the company’s Manhattan Property and general corporate and working capital purposes. The capital raise comes as the company is quickly burning through cash, according to an InvestingPro analysis, though it maintains a strong current ratio of 4.63 and holds more cash than debt on its balance sheet. InvestingPro offers 7 additional tips for SGN investors.
The offering is expected to close on or about July 23, 2026, subject to regulatory approvals including acceptance by the TSX Venture Exchange. The shares will be offered through a prospectus supplement to the company’s short form base shelf prospectus dated July 6, 2026, filed in all Canadian provinces except Quebec. Some shares may be sold in the United States pursuant to exemptions from registration requirements.
Scorpio Gold holds a 100% interest in the Manhattan District in Nevada’s Walker Lane Trend. The approximately 4,780-hectare property includes the Goldwedge Mine with a 400 ton per day maximum capacity gravity mill and four past-producing pits acquired from Kinross in March 2021.
The prospectus supplement and base shelf prospectus will be accessible on SEDAR+ and contain detailed information about the company and the proposed offering.
In other recent news, Scorpio Gold Corporation announced an $8 million share offering. The company has entered into an agreement with Velocity Trade Capital Ltd. to offer up to 32 million common shares at $0.25 per share. This agreement is expected to generate gross proceeds of up to $8 million. Velocity Trade Capital will serve as the lead agent and sole bookrunner for this offering, which is being conducted on a best efforts basis. Additionally, Scorpio Gold has granted the agents an option to purchase up to an additional 4.8 million shares on the same terms within 30 days following the closing. These developments reflect Scorpio Gold’s ongoing efforts to raise capital.
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