Scotgold Resources Ltd PLACING OF SHARES (6826R)
March 10 2016 - 5:07AM
UK Regulatory
TIDMSGZ
RNS Number : 6826R
Scotgold Resources Ltd
10 March 2016
SCOTGOLD RESOURCES LIMITED
PLACING OF SHARES
Scotgold Resources Limited (the "Company")(ASX:SGZ, AIM: SGZ) is
pleased to announce that the Company has placed 83,333,332 new
ordinary Scotgold shares ("Shares") at an issue price of GBP0.006
(approximately AUD$0.011) each with new shareholders to raise
GBP500,000 (approximately AUD$948,500) before expenses.
The funds raised will be used to:
- Investigate the viability of a phased approach to the
development of the Cononish Gold and Silver Project and as
appropriate revise the Cononish Bankable Feasibility Study
("BFS").
- Provide additional working capital during the previously
announced Bulk Processing Trial ("BPT") such that the premium
achieved on verified Scottish gold can be optimized.
Completion of the Placement is scheduled to occur, and the
83,333,332 new Shares are expected to be issued on or about 10
March 2016 and admitted to trading on AIM and the ASX on or about
16 March 2016. The Shares issued under the Placement will rank pari
passu with existing Scotgold Shares.
The new Shares are being issued under the company's 15% capacity
under ASX Listing Rule 7.1 and the Placement has been arranged by
Vicarage Capital Limited for a fee of 5%.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital
will comprise 1,342,833,693 Shares, with voting rights. The Company
does not hold any Shares in treasury. Therefore the total number of
Shares in the Company with voting rights will be1,342,833,693. This
figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Richard Gray, Chief Executive Officer commented: "This
successful fund raise means the company is now well placed to
complete the BPT and determine the optimum route for the
development of Cononish for the benefit of our existing
shareholders. We are excited by the imminent production of gold,
subject to planning permission, from what will be Scotland's first
commercial gold mine and will keep our shareholders regularly
informed on the progress of this project. "
For further information please contact:
Scotgold Resources Stockdale Securities Capital Markets Vicarage
Limited Limited Consultants Capital
Limited
------------------- --------------------- ----------------- ----------------
Richard Gray Robert Finlay/ Simon Rothschild Rupert Williams
- CEO Alastair Stratton/
Ed Thomas
------------------- --------------------- ----------------- ----------------
Tel: +44 (0)1838 Tel: +44 (0)20 Tel +44 (0)7703 Tel: +44
400 306 7601 6100 167 065 (0)20 3651
2911
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This information is provided by RNS
The company news service from the London Stock Exchange
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