Scotgold Resources Ltd Completion of Placing (9909A)
January 04 2018 - 7:01AM
UK Regulatory
TIDMSGZ
RNS Number : 9909A
Scotgold Resources Ltd
04 January 2018
Scotgold Resources Limited
4 January 2018
Scotgold Resources Limited
Completion of GBP450,000 Placing
Scotgold Resources Limited (AIM:SGZ) (the "Company") advises
that, following the completion of the non-renounceable rights issue
first announced on 13 November 2017 (the "Rights Issue"), the
Company has successfully completed a placing of 1,800,000 new fully
paid ordinary shares to sophisticated existing investors in the
Company to raise GBP450,000 (the "Placing").
The Placing is on the same terms as the Rights Issue, being at a
price of GBP0.25 per new ordinary share with free options attached
to the new ordinary shares at a ratio of one option for every five
new ordinary shares purchased, with each option being exercisable
at GBP0.40 on or before 31 December 2019.
Proceeds from the Placing will primarily be used towards:
1. Commencement of the part development of the Cononish Gold and
Silver Project;
2. The Grampian exploration project;
3. Potential repayment of an existing GBP1 million loan, which
is payable by 30 March 2018; and
4. Working capital.
The Company awaits a planning determination for the Cononish
Gold and Silver Project from the Loch Lomond and Trossachs National
Parks Planning Authority, which is still expected early this
year.
Application is being made for the 1,800,000 new ordinary shares
to be admitted to trading on AIM ("Admission") and Admission is
expected to take place on or around 10 January 2018.
Following Admission, the Company's enlarged issued share capital
will comprise 28,365,349 ordinary 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 be
28,365,349. 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.
Scotgold CEO, Richard Gray, commented:
"The Company is pleased to accept these additional share
applications which not only demonstrate confidence in the Company's
current strategy but will further bolster our financial position
ahead of the planning determination."
For further information please contact:
Scotgold Resources Limited Stockdale Securities Limited
Richard Gray Robert Finlay / Ed Thomas
Tel: +44 (0)1838 400 306 Tel: +44 (0)20 7601 6100
Capital Markets Consultants Smaller Company Capital Ltd
Simon Rothschild Rupert Williams
Tel +44 (0)7703 167 065 Tel: +44 (0)20 3651 2911
This information is provided by RNS
The company news service from the London Stock Exchange
END
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