Scotgold Resources has confirmed that it has successfully completed a placing of 1,800,000 new shares raising £450,000.
The Company said the 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 £1m loan, which is payable by 30 March 2018; and
4. Working capital
The Company added that it is awaiting 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.
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."
At 1:07pm: (LON:SGZ) Scotgold Resources Ltd share price was 0p at 24.5p