Scotgold Resources Ltd Debt Funding Procurement Agreement (5304H)
April 07 2022 - 2:00AM
UK Regulatory
TIDMSGZ
RNS Number : 5304H
Scotgold Resources Ltd
07 April 2022
7 April 2022
Scotgold Resources Limited ("Scotgold" or the "Company")
Debt Funding Procurement Agreement
Scotgold Resources Limited (AIM: SGZ), announces that it has
entered into an agreement with Fern Wealth GmbH to arrange the
procurement of loan funding from a syndicate of high net worth
investors for an amount up to GBP3 million (the "New Loans"). Fern
Wealth is a sophisticated wealth management company based in Zug,
Switzerland whose focus is to seek out and manage quality
investment opportunities for their Investors.
Subject to the successful procurement of the New Loans, the
Company intends to use the proceeds received to fast-track the
Company's Optimisation Initiatives to achieve a gold production run
rate of c.23,500oz p.a. by the end of Q1 2023. Further
announcements will be made in due course.
The core Optimisation Initiatives planned for 2022 include:
-- Design, construct, and commission a tailings thickener , a
cost-effective technology to improve the throughput and recoveries
of concentrate product in the processing plant to achieve a monthly
run rate of c. 4,000 feed tonnes to the process plant by end of Q2
2022 which equates to c 16,000 - 17,500 ounces p.a. run rate of
gold by the end of Q2 2022.
-- Enhancing mining efficiencies of the underground mine to ensure continuous operations; and
-- Design, construct, and commission an ore sorter at the
processing plant between the existing crushing unit and the Mill to
realise an increase in ounces of gold processed per tonne at lower
tonnages and potentially lower CAPEX and OPEX. Due diligence to be
completed by the end of Q2 2022 and the sorter, if approved, to be
operational by the end of Q1 2023.
The information contained within this Announcement is deemed by
the Company to constitute inside information as stipulated under
Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as
amended) as it forms part of the domestic law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018 (as amended).
Upon the publication of this Announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
**ENDS**
Scotgold Resources SP Angel Corporate Finance Celicourt Communications
Limited LLP
Financial PR
Chief Executive Officer Nomad and Broker
Felicity Winkles
Philip Day Ewan Leggat / Charlie
Bouverat
Tel +44 (0) 20 3470 0470 Tel +44 (0) 208 434
2643
Tel +44 (0) 774 8843
871
Notes
Scotgold Resources Ltd (AIM:SGZ), is Scotland's first commercial
gold producer. The Company poured first gold in November 2020 at
its Cononish Gold and Silver Mine ('Cononish) in Tyndrum, Scotland
and is developing it into a +23,500-ounce gold mine per annum by
end of Q1 2023. Cononish is a high-grade underground mining
operation with a central processing plant producing gold
concentrate for off-take and gold doré for the Scottish Jewellery
industry. Once in full production, the mine has anticipated
forecast operating costs of c.GBP544/oz AISC, which will place
Cononish in the lowest quartile of gold mining operations
globally.
It is Scotgold's vision to build a mid-tier gold mining company
in Scotland with multiple operations in the country that enhance
the local environment and economy in ways that have an enduring
positive impact.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRBKABBPBKDFQK
(END) Dow Jones Newswires
April 07, 2022 02:00 ET (06:00 GMT)
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From Jul 2024 to Aug 2024
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From Aug 2023 to Aug 2024