Goldwedge mill facility. Credit: Scorpio Gold
Nevada-focused Scorpio Gold (TSXV: SGN) says it has received an C$8 million ($5.8m) investment from Canadian mining entrepreneurs Ross Beaty and Eric Sprott to advance its flagship Manhattan property.
The investment comprises the issuance of 32 million common shares priced at a discount of C$0.25 apiece. Beaty, who founded Pan American Silver (TSX: PAAS) in 1994 and is the current chairman of Equinox Gold (TSX: EQX), bought 20 million shares, while billionaire investor Sprott placed an order for 12 million.
Scorpio Gold rose by nearly 15% following the announcement. By 10:30 ET, the stock traded at C$0.38 a share — its highest in over two years — with a market capitalization of approximately C$73 million ($53.1m).
The proceeds, the Vancouver-based gold junior says, will be used for exploration and development activities at Manhattan. The property…
