Scorpio Gold Up Again As Receives Receipt of Second Deferred Payment From Mineral Ridge Sale
Scorpio Gold (SGN.V) received the second deferred payment from the previously completed sale of its wholly-owned unit, Mineral Ridge Gold LLC (MRG), to an arm's length purchaser, the company said on Tuesday.The aggregate consideration for the sale of MRG totalled US$7.5 million, of which US$1.5 million was placed into escrow as an indemnification holdback, to be released in two equal tranches on the three-month and nine-month anniversaries of closing, it added.The company confirmed all conditions for the second scheduled release have been satisfied and that US$750,000, representing 50% of the escrowed funds, has now been released from escrow and paid to Scorpio Gold.The US$1.5 million indemnification holdback, with this second release, has now been fully released from escrow. The company expects to receive the final US$1 million payment on the 12-month anniversary of closing.Shares of the company closed up 1.5% to $0.34 on Monday on the TSX Venture Exchange and were at last look up another near 6% to $0.36.Price: $0.36, Change: $+0.02, Percent Change: +4.41%
