Scotgold to raise £2.5 million to further explore Highlands
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Scottish gold exploration and production company Scotgold Resources Limited has announced plans to raise £2.5 million as part of its growth strategy, which include further exploration in the Highlands.
The company has conditionally raised the funds through the issuance of 6.25 million new ordinary shares at a price of 40p per share.
Seven directors of the company and a significant shareholder are participating in the subscription, with a total value of £574,000. Bridge Barn Limited, a company owned and controlled by Nathaniel le Roux, has also agreed to the option of deferring a total of £2.5 million capital repayments, for a period of up to nine months, which could help fund further exploration work.
The potential deferral would be used for resource definition drilling in Cononish and exploration work in the Grampians area. However, shares of the company were down almost 30% in early trading on Friday.
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