Wednesday was a day for at least one gold company to get, well, out of a hole – a financial one – and at last, be able to concentrate on the main aim of their business.
Vancouver-based Scorpio Gold Corporation (TSX-Venture:SGN) let word be known Wednesday that it had completed a buyout of a property owned by Waterton Global Resources Management. It’s good news because it snuffs out a senior secured debt owing to one of Waterton’s affiliates totaling more than $6.1 million U.S.
SGN now holds a 100% interest in the Mineral Ridge project, located in Nevada.
Interim Brian Lock calls it "a great day for Scorpio Gold, having eliminated its $6-million … debt with Waterton in exchange for an upfront payment of $3 million U.S. in cash. We can now focus our efforts on re-engaging with lenders who had previously expressed interest in funding our new processing facility at the Mineral Ridge project.”
Scorpio’s stock price added half a cent, or 12.5%, to 4.5 cents early afternoon on Wednesday, on volume topping 632,000 shares.
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