SCORPIO GOLD CORPORATION ("SGN")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: December 17, 2012
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for expedited filing documentation pertaining to an asset purchase agreement between Scorpio Gold Corporation (the 'Company'), Goldwedge LLC (a wholly-owned indirect subsidiary of the Company), Royal Standard Minerals Inc. ('Royal Standard') and Manhattan Mining Co. (a subsidiary of Royal Standard) dated October 10, 2012, pursuant to which the Company will acquire two exploration stage gold properties located in Nevada known as the Goldwedge and Pinon properties (the 'Properties') from Royal Standard. The consideration is $1,250,000 and 3,000,000 shares.
The Company will also assume debt in the principal amount of US$16,000,000 owing by Royal Standard to Waterton Global Value L.P. ('Waterton') and will reduce existing royalties on the Properties, such that Waterton will retain a 2% net smelter return royalty on the Properties. In consideration of the royalty reduction, the Company will issue 7,500,000 shares to Waterton.
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