Scorpio Gold – Closing of Convertible Loans in Principal Amount of up to US$2,450,000

VANCOUVER, British Columbia, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) announces that further to its press release dated May 30, 2022 it has closed the two convertible loan agreements dated May 24, 2022, as amended on August 4, 2022 (the “Convertible Loan Agreements”), with Ianco Holdings Ltd. and Matco Holdings Ltd. (collectively, the “Lenders”) pursuant to which the Company may borrow the aggregate principal amount of up to US$2,450,000 from the Lenders (the “Loans”). To date, the Lenders have advanced an aggregate of US$2,350,000 to the Company, which amount has been incorporated into the Loans. The Loans are subject to the final approval of the TSX Venture Exchange (the “Exchange”). The remaining $100,000 that may be borrowed by the Company under the Loans is subject to further approval of the Exchange. The Company intends to use the proceeds of the Loans to advance its Goldwedge property and for general working capital purposes.

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