11:53 AM EDT, 08/29/2025 (MT Newswires) -- Scorpio Gold ( SRCRF ) shares were up 14% after the company on Friday said it is raising $8 million from a private placement of shares to mining financier Eric Sprott and Ross Beaty, the founder of Equinox Gold (EQX.TO)

The company said it is selling the pair up to 32-million shares at $0.25 each.

Beaty, who also found Pan American Silver (PAAS.TO), committed to subscribe for $5 million of the shares, while Sprott will acquire $3 million of the placement.

Closing of the offering is expected in one tranche on or before September 2. Proceeds will be used to advance exploration and development activities at its flagship Manhattan District Project in Nevada, and for general corporate needs.

Shares of the company were last seen up $0.05 at $0.385 on the TSX Venture Exchange.

Price: 0.39, Change: +0.05, Percent Change: +14.93