NON-RENOUNCEABLE RIGHTS ISSUE OF SHARES & OPTIONS
September 17 2010 - 2:00AM
UK Regulatory
TIDMSGZ
RNS Number : 8421S
Scotgold Resources Ltd
17 September 2010
Scotgold Resources Limited ("Scotgold" or the "Company")
NON-RENOUNCEABLE RIGHTS ISSUE OF SHARES AND OPTIONS
Scotgold Resources Limited (ASX: SGZ) (Company) is pleased to announce a
non-renounceable rights issue of shares on the basis of one Share for every four
Shares held at the record date of 28 September 2010 at an issue price of $0.035
per Share together with one free attaching Option for every two shares
subscribed for, exercisable at $0.08 and expiring on 30 April 2012. (Rights
Issue).
The maximum number of shares to be issued under the Rights Issue is 29,326,690
to raise $1,026,434.
Options to be issued under the Rights Issue will be a new class of security of
the Company. The full terms and conditions of the Options are set out in the
Prospectus. Shares issued upon conversion of the Options will rank equally with
existing shares in the Company.
The Company will apply for official quotation of the Shares and Options. An
Appendix 3B in respect of the Rights Issue accompanies this announcement.
A prospectus will be lodged with the ASIC and a copy provided to ASX on or about
17 September 2010 in respect of the Rights Issue.
The Offer is not underwritten.
The proposed timetable for the Rights Issue is as follows;
+---------------------------------------------------+---------------+
| Summary of Important Dates* | |
| Announcement of Rights Issue | 16 September |
| Lodge Prospectus with ASIC | 2010 |
| Shares quoted ex-rights | 17 September |
| Record Date to determine Entitlements under the | 2010 |
| Rights Issue | 22 September |
| Opening Date and dispatch of Prospectus | 2010 |
| Closing Date for Rights Issue Offer | 28 September |
| Notification to ASX of under subscriptions | 2010 |
| Allotment of Options and dispatch of holding | 5 October |
| statements | 2010 |
| | 3 November |
| | 2010 |
| | 8 November |
| | 2010 |
| | 11 November |
| | 2010 |
+---------------------------------------------------+---------------+
| |
| *These dates are indicative only. The Directors reserve the |
| right to vary the key dates, without prior notice and subject to |
| compliance with the Listing Rules. |
+-------------------------------------------------------------------+
| |
+---------------------------------------------------+---------------+
The Company intends to apply the funds raised from the Rights Issue as follows;
a) Meet costs on the Offer,
b) Regional exploration programs at the Company's projects; and
c) Administration including Cononish planning application.
For further information:
United Kingdom:
+---------------------+---------------------+-------------------------+
| Scotgold Resources | Westhouse | Bankside Consultants |
| Limited | Securities Limited | |
+---------------------+---------------------+-------------------------+
| Chris Sangster | Richard Baty / | Simon Rothschild / |
| (CEO) | Petre Norton | Oliver Winters |
+---------------------+---------------------+-------------------------+
| Tel: +44 | Tel: +44 | Tel +44 (0)20 7367 8888 |
| (0)1838 400 306 | (0)20 7601 6100 | |
+---------------------+---------------------+-------------------------+
Australia:
+---------------------+---------------------+
| Scotgold Resources | Professional Public |
| Limited | Relations |
+---------------------+---------------------+
| Shane Sadleir | Karen Oswald |
| (Non-Executive | |
| Director) | |
+---------------------+---------------------+
| Tel: +61 | Tel: +61 |
| (8) 9428 2950 | (8) 9388 0944 |
| Mobile: +61 (0) 411 | Mobile: +61 (0) |
| 704 498 | 423 602 353 |
+---------------------+---------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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