Scorpio Gold Approved for NASDAQ Listing in the U.S., Trading Begins September 1

en.Wedoany.com Reported - On August 27, Scorpio Gold Corporation received approval to list its American Depositary Shares (ADS) on the NASDAQ Capital Market, with trading expected to commence under the ticker symbol "SGLD" starting September 1. Each ADS represents 20 common shares of Scorpio Gold, with The Bank of New York Mellon serving as depositary. The company's common shares will continue to trade on the TSX Venture Exchange in Canada.

The U.S. listing utilizes an ADS structure rather than a direct listing of Scorpio Gold common shares on NASDAQ. The company did not implement a share consolidation, and its existing share capital remains unchanged, with shareholders not required to take any action in connection with the listing arrangement. Concurrently, the company's trading symbol on the TSX Venture Exchange will change from "SGN" to "SGLD" on September 1, aligning with the NASDAQ ticker.

Scorpio Gold initiated the U.S. listing process on July 27, at which time it planned to establish an ADS program with each ADS expected to represent approximately 20 common shares. The U.S. Securities and Exchange Commission issued a notice of effectiveness for the Scorpio Gold Corp./ADR registration statement on August 7; on August 27, the company further obtained NASDAQ listing approval, with approximately one month elapsing from the proposal of the listing plan to its approval.

Prior to the listing approval, Scorpio Gold completed a C$10.8 million public offering on July 23, issuing 43.2 million common shares at C$0.25 per share, of which 3.2 million shares resulted from the partial exercise of the underwriters' over-allotment option. Velocity Capital Partners and Raymond James Ltd. served as co-lead agents. The company paid C$613,500 in cash commissions and issued 2.454 million non-transferable broker warrants to the agents, each warrant entitling the holder to subscribe for one common share at a price of C$0.25 within 24 months of issuance.

The net proceeds from the offering are being used for exploration at Scorpio Gold's Manhattan Property in Nevada, U.S., as well as for general corporate and working capital purposes. The company holds a 100% interest in the Manhattan District, which covers approximately 4,780 hectares and includes the advanced-stage Goldwedge Mine and a gravity concentration plant with a maximum processing capacity of 400 tonnes per day. The district also includes four historical open pits acquired from Kinross in 2021, with cumulative historical drilling in the region exceeding 140,000 meters.

The Manhattan District completed its first mineral resource estimate in 2025, with indicated resources at the Goldwedge and Manhattan Pit areas totaling 18.343 million tonnes at an average gold grade of 1.26 grams per tonne, containing approximately 740,000 ounces of gold. Scorpio Gold continues to advance drilling in the district, with drill hole 26MN-109 at Goldwedge, announced on August 10, returning a mineralized interval of 33.31 meters at a gold grade of 3.38 grams per tonne.