GOLDEN PHOENIX MINERALS (GPXM)

[Theshining]

Thanks for the response. Not sure what you mean by "placed about $15M against shares in GPXM".

Looks to me like Scorpio will issue shares to GPXM that will give GPXM roughly 15% ownership at the time of issuance.

“If the parties enter into a definitive JV, it is anticipated that Scorpio Gold would acquire an initial 70% vested interest in Mineral Ridge through payment of cash and stock, and serve as operator of the mine. Golden Phoenix would retain a
direct and undivided 30% interest in the property, and have an estimated 15% interest through its ownership of shares in Scorpio Gold. This would represent an aggregate 45% direct and indirect exposure to the upside of the project as it
advances toward production.