VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 6, 2016) - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) is pleased to announce that it has engaged Integral Wealth Securities Limited ("Ìntegral") to provide market-making services to the Company in accordance with applicable securities laws and the policies of the TSX Venture Exchange ("TSX.V"). Integral will trade shares of the Company on the TSX.V for the purposes of maintaining an orderly market and improving the liquidity of the Company's shares. The capital and securities required for any trade undertaken by Integral as principal will be provided by Integral.
Scorpio has engaged Integral to provide such services for a term of 12 months. Integral will be paid a monthly fee of CAD$5,500 plus any reasonable costs and expenses it incurs in connection with the services provided. Integral will not receive shares or options as compensation pursuant to the agreement. During the initial 12 month term, the Company has a one-time right, after three months, to terminate the engagement. After 12 months, the agreement may be terminated by the Company on 30 days written notice.
Established in 2003, Integral is a private and independent investment dealer headquartered in Toronto, Ontario. Integral is a member of the Investment Industry Regulatory Organization of Canada ("IIROC") and can access all Canadian stock exchanges and alternative trading systems.
Scorpio Gold and Integral are unrelated and unaffiliated entities. Integral has no current interest, direct or indirect in Scorpio Gold or its securities, but does hold a right to acquire an interest in Scorpio Gold.
The engagement of Integral to provide market-making services to Scorpio Gold is subject to acceptance of the TSX Venture Exchange.
About Scorpio Gold
Scorpio Gold holds a 70% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Elevon, LLC (30%). Mineral Ridge is currently in production as a conventional open pit mining and heap leach operation. The Mineral Ridge property is host to multiple gold-bearing structures, veins and lenses at exploration, development and production stages. Scorpio Gold also holds a 100% interest in the advanced exploration-stage Goldwedge property in Manhattan, Nevada, with a fully permitted underground mine and 400 ton per day mill facility. The Goldwedge mill facility has been placed on a care and maintenance basis and can be restarted immediately when needed.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Brian Lock, Interim CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Company relies on litigation protection for "forward-looking" statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's engagement of Integral Wealth Securities Limited to provide market making services, which is subject to the acceptance of the TSX Venture Exchange. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks relating changes in general economic conditions and other risks of the mining industry and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.