Core Points - Scorpio Gold Corporation has agreed to sell its Mineral Ridge project for a total cash price of US$7.5 million, which includes a non-refundable deposit of US$700,000 and additional payments upon closing [1][2][3] - The transaction is expected to close by August 25, 2025, and will allow Scorpio Gold to focus on its Manhattan District project, which is believed to have significant resource potential [2][3][4] Financial Details - The total cash purchase price for the Mineral Ridge project is US$7,500,000, with US$4,300,000 due at closing and US$1,500,000 held in escrow for indemnification [2] - An additional US$1,000,000 will be paid on the 12-month anniversary of the closing date [2] Strategic Implications - The divestment of the Mineral Ridge project will eliminate significant annual carrying costs for the company, allowing it to allocate resources towards the Manhattan District project [3][4] - The incoming funds from the transaction will be used to expand resource estimates, test property-scale targets, and conduct de-risking work [4] Regulatory Aspects - The completion of the transaction is subject to customary closing conditions, including regulatory approvals from the TSX Venture Exchange [5] - The transaction is classified as an Arm's Length Transaction under TSXV policies and will be considered a "Reviewable Transaction" [5]
Scorpio Gold Agrees to Sell Mineral Ridge Project for US$7.5m