Scorpio Gold Corporation announced a non-brokered private placement to issue 10,000,000 units at a price of CAD 0.02 per unit for the gross proceeds of CAD 200,000 on November 8, 2023. Each unit will be comprised of one pre-Consolidation common share and one common share purchase warrant, with each warrant exercisable for one pre-Consolidation common share of the company at an exercise price to be determined in the context of the market for a period of two years from the date of issuance. The securities issued in the Initial Financing will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.

The Initial Financing is subject to the approval of the TSX Venture Exchange.