Scotgold Resources Ltd Placing of Shares (2319G)
August 04 2016 - 2:01AM
UK Regulatory
TIDMSGZ
RNS Number : 2319G
Scotgold Resources Ltd
04 August 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 62,500,000 new
ordinary shares ("Shares") at an issue price of GBP0.008
(approximately AUD$0.014) each with new shareholders to raise
GBP500,000 (approximately AUD$880,000) before expenses (the
"Placing").
The funds raised will be used to:
-- Commence the technical studies 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 anticipated
premium to be achieved on verified Scottish gold can be optimized.
This will require the development of a comprehensive and long term
marketing strategy and an accumulation of gold stocks, thus
delaying for a short period, the proceeds from gold sales.
Completion of the Placing is scheduled to occur, and the
62,500,000 new Shares are expected to be issued on or about 4
August 2016 and admitted to trading on AIM and the ASX on or about
18 August 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.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital
will comprise 1,500,274,214 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 1,500,274,214.
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, CEO of Scotgold, commented:
"Following the successful first gold pour at the Cononish
project yesterday, this fund raise, together with anticipated
revenue from gold sales, means the Company is now well placed to
advance Cononish beyond the BPT."
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 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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