Royal Standard NR
The following from Scorpio Gold website. Though not explicitly mentioned in the newsrelease, the sale by Royal Standard involves all their Pinon claims. This fact is mentioned in the news release by Royal Standard on theri website.
Scorpio Gold to acquire three Nevada mineral properties
2012-08-29 18:23 ET - News Release
Mr. Peter Hawley reports
SCORPIO GOLD ANNOUNCES NON-BINDING LETTER OF INTENT TO ACQUIRE NEVADA MINERAL PROPERTIES
Scorpio Gold Corp. has entered into a non-binding letter of intent with Royal Standard Minerals Inc. to acquire a package of three mineral properties located in Nevada in consideration for $2.5-million in cash, 17.5 million shares of Scorpio Gold and the assumption by Scorpio Gold of debt owing by Royal Standard to Waterton Global Value LP, Scorpio Gold's existing creditor, which is expected to total approximately $16-million (U.S.) on the closing of the acquisition. In connection with the acquisition, Scorpio Gold has advanced Royal Standard a secured refundable deposit of $250,000 and will continue to advance Royal Standard further refundable deposits of $100,000 per month until the completion of the acquisition. On the closing of the acquisition, the deposits will be credited against the cash consideration payable by Scorpio Gold to Royal Standard. In the event that the acquisition does not proceed, Royal Standard will have three months to repay the deposits to Scorpio Gold.
Completion of the acquisition will be subject to the negotiation and execution of a binding agreement, and the satisfaction of a number of conditions, including, but not limited to, each of Scorpio Gold and Royal Standard being satisfied with the results of their respective due diligence investigations, Waterton consenting to the acquisition and agreeing to terms acceptable to Scorpio Gold on Scorpio Gold's assumption of the outstanding debt and royalty obligations owing to Waterton, the receipt of all requisite approvals from Royal Standard's shareholders and, if applicable, Scorpio Gold's shareholders, and receipt of all requisite regulatory approvals, including the approval of the TSX Venture Exchange.
For additional information please see the company's website.