TIDMSGZ
RNS Number : 3786N
Scotgold Resources Ltd
28 January 2016
SCOTGOLD RESOURCES LIMITED
December 2015 QUARTERLY ACTIVITIES REPORT
INITIAL STRUCTURAL STUDY COMPLETED
On 27 November 2015 Scotgold Resources Limited (ASX:SGZ, AIM:
SGZ) (Company) announced the completion of the Initial Structural
Study and Database review on Scotgold's Cononish and Grampian Gold
Projects. The study, as previously announced in June 2015, was
carried out by Dr. Pablo Gumiel and Dr.Monica Arias, of Consulting
de Geología y Minería, S.L.
Highlights of the report include:
-- 6 highly prospective targets are identified within 2.5 km of
the Cononish Gold and Silver Project;
-- 5 further highly prospective targets are outlined within study area;
-- The study has highlighted the Beinn Udlaidh and Arrivain
areas in particular as having prospectivity at least comparable to
the Cononish deposit and further exploration work for these is
being prioritised accordingly; and
-- The study also indicates that structural analysis will be a
key tool for the identification of "pay shoots" within the Cononish
deposit and therefore is expected to assist with future resource
expansion at depth and along strike.
Further work is now being planned to expand the collection of
structural data and coverage of the prospectivity map
regionally.
CORPORATE
Rights Issue
On 27(th) August 2015, the Company announced a pro-rata
non-renounceable rights issue (Rights Issue or Offer) of fully paid
ordinary shares in the capital of the Company (New Shares) on the
basis of one (1) New Share for every ten (10) existing shares held
at the record date of 4 September 2015 (Record Date) at an issue
price of 1.3 cents each, together with one (1) free attaching
unlisted option per New Share subscribed (Options). The Options are
exercisable at GBP0.01 on or before 30 September 2017.
Subsequently the Company advised that its pro-rata
non-renounceable rights issue had closed on 30 September 2015.
The shares and Options under the Rights issue were then issued
on 7 October 2015.
A total of 95,295,889 new shares were applied for under the
Rights Issue to raise approximately $1,238,846 (before costs) and a
total of 95,295,889 Options will be issued under the Rights Issue.
Accordingly, the shortfall under the Rights Issue was 18,243,341
shares and 18,243,341 Options, as follows:
Event Number $ % of total
offered
under
Rights
Issue
---------------------------------- ----------- ---------- -----------------------
Shares applied for under
Rights Issue 91,090,481 $1,184,176 80%
---------------------------------- ----------- ---------- -----------------------
Shares applied for under
Excess Entitlements Facility
(by eligible shareholders
in excess of their entitlement) 4,205,408 $54,670 4%
---------------------------------- ----------- ---------- -----------------------
Total shares to be issued 95,295,889 $1,238,846 84%
---------------------------------- ----------- ---------- -----------------------
Total free attaching Options
to be issued 95,295,889
---------------------------------- ----------- ---------- -----------------------
Remaining Shortfall shares
to be placed 18,243,341 $237,163 16%
---------------------------------- ----------- ---------- -----------------------
Remaining Shortfall free
attaching Options 18,243,341
---------------------------------- ----------- ---------- -----------------------
On the 28th October 2015 the Company announced that it had
completed the placement of the following securities:
-- The placement of the shortfall from the Company's rights
issue, comprised of 18,243,341 fully paid ordinary shares at an
issue price of 1.3c per share to raise $237,163, together with one
(1) free attaching unlisted option per share.
-- A placement under the Company's existing Listing Rule 7.1
capacity of 10,556,659 fully paid ordinary shares at an issue price
of 1.3c per share to raise $137,237, together with one (1) free
attaching option per share issued.
The Company's enlarged issued share capital as at the end of the
quarter comprised 1,259,488,361 ordinary shares, with voting
rights. The Company does not hold any ordinary shares in treasury.
Following the conversion of 12,000 options on 20 January 2016 the
total number of ordinary shares in the Company with voting rights
is currently 1,259,500,361.
Expiry of Options
On 7 December 2015 153,161 options with an exercise price of
GBP0.031 expired.
Appointment of Chief Financial Officer and Company Secretary
On 13 January 2016 the Company announced the appointment of
David Swan as Chief Financial Officer ("CFO"). David has acted as
CFO and finance director of a number of public and public listed
companies in the exploration and mining sector in Australia and UK.
David is based in London, UK.
The Company also announced the appointment of Gabriel Chiappini
as Company Secretary. Mr Chiappini is an Australian chartered
accountant with extensive corporate experience within Australia and
the UK. Mr Chiappini has worked in the exploration and mining
sector for many years. Mr Chiappini's appointment was effective 31
December, 2015.
Change of name of Nominated Adviser and Broker
The Company notifies that its Nominated Adviser and Broker has
changed its registered name from Westhouse Securities Limited to
Stockdale Securities Limited.
Gabriel Chiappini
Company Secretary
Forward Looking Statements
This announcement contains certain statements that may
constitute "forward looking statements". Such statements are only
predictions and are subject to inherent risks and uncertainties,
which could cause actual values, results, performance achievements
to differ materially from those expressed, implied or projected in
any forward looking statements.
Competent Persons Statement
The information in this report that relates to the 2015 Ore
Reserves for Cononish Gold Project (refer ASX announcement dated
25/05/2015) is based on information compiled by Pat Willis, a
Competent Person who is registered as a Professional Engineer
(Pr.Eng.) with the Engineering Council for South Africa (ECSA) and
a Fellow in good standing and Past President of the Southern Africa
Institute of Mining and Metallurgy (FSAIMM).. Mr Willis is employed
by Bara Consulting Limited, an independent consulting company. Mr
Willis has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Mr Willis consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
The information in this report that relates to the 2015 Mineral
Resources Estimate for Cononish Gold Project (refer ASX
announcement dated 22/01/2015) is based on information compiled by
Malcolm Titley, a Competent Person who is a Member of The
Australasian Institute of Mining and Metallurgy. Mr Titley is
employed by CSA Global (UK) Limited, an independent consulting
company. Mr Titley has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Titley consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
Further, the Company confirms it is not aware of any new
information or data that materially affects the information
contained in the original announcements and that all material
assumptions and technical parameters underpinning the estimate of
Resources and Reserves continue to apply and have not materially
changed.
For further information please contact:
Scotgold Resources Stockdale Securities Capital Markets Vicarage Capital
Limited Limited Consultants Limited
------------------- --------------------- ----------------- -----------------
Richard Gray Alastair Stratton Simon Rothschild Rupert Williams
- CEO / Robert Finlay
------------------- --------------------- ----------------- -----------------
Tel: +44 (0)7905 Tel: +44 (0)20 Tel +44 (0)7703 Tel: +44 (0)20
884 021 7601 6100 167 065 3651 2911
------------------- --------------------- ----------------- -----------------
Tenement details
The Company holds a Lease (100%) from the Crown Estate
Commissioners over Cononish Farm, county of Perth, Scotland UK.
The Company holds a Lease (100%) from the landowner over
Cononish Farm, county of Perth, Scotland UK.
The Company holds five Mines Royal Option Agreements (100%) with
the Crown Estate Commissioners as detailed below:
-- Glen Orchy: Location - counties of Perth and Argyll, Scotland UK
-- Glen Lyon: Location - counties of Perth and Argyll, Scotland UK
-- Inverliever: Location - counties of Dunbarton, Argyll and Perth, Scotland UK
-- Knapdale: Location - county of Argyll, Scotland UK
-- Ochils: Location - county of Clackmannan, Perth, Kinross and Stirling, Scotland UK
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