VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 30, 2016) - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) is pleased to announce that it has engaged JNS Capital Corp. ("JNS Capital") of Vancouver, BC to provide market awareness and investor relations services to the Company. JNS Capital provides corporate finance, development and communication services to companies including mining and mineral exploration companies within North America as well as internationally.
JNS Capital has been engaged for a term of twelve months at a monthly fee of CAD$5,000. The term of the agreement may be extended at the Company's discretion. In addition, Scorpio Gold has agreed to grant incentive stock options to JNS Capital, which will enable it to purchase up to 200,000 common shares of the Company exercisable at a price of $0.085 per share over a period of five years. Such options will vest in four equal quarterly tranches over a period of 12 months from the date of grant and shall be subject to the terms of the Company's stock option plan and the policies of the TSX Venture Exchange.
JNS Capital is an arm's length party to the Company, and has advised the Company that through its President, Jag Sandhu, JNS Capital currently owns 210,316 common shares of Scorpio Gold, which were purchased on the open market.
The engagement of JNS Capital as an investor relations consultant of Scorpio Gold and the granting of stock options remain subject to regulatory acceptance of applicable filings with the TSX Venture Exchange.
Scorpio Gold has also granted additional incentive stock options to directors, officers, consultants and employees, which will entitle the holders to purchase up to 3,940,000 common shares of the Company, exercisable at a price of $0.085 per share over a period of five (5) years, in accordance with the terms of its stock option plan.
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
Chris Zerga, President
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 JNS Capital to provide market awareness and investor relations services to the Company. 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.