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Scorpio Gold Corporation (TSXV:SGN) provided an update regarding its previously announced $15 million financing with Coral Reef Capital.

Scorpio Gold Corporation (TSXV:SGN) provided an update regarding its previously announced $15 million financing with Coral Reef Capital. The financing has been terminated due to concerns about certain large shareholders opposing the transaction.

As quoted in the press release:

As such, the Company is obligated to pay a break fee of $500,000 along with approximately $100,000 of related due diligence costs incurred by Coral Reef.

The Company is currently analysing alternative financing opportunities including a possible debt financing with Coral Reef, which is at an advanced stage of negotiation. Further details will be released when available.

Click here to read the Scorpio Gold Corporation (TSXV:SGN) press release
Click here to see the Scorpio Gold Corporation (TSXV:SGN) profile.

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