Scotgold Resources is looking to raise additional funds, both to procure a new drill rig and for additional working capital, as its Cononish mine continues to be developed towards full production.
Its directors have decided to undertake an open offer, which they hope can raise between £1.5m and £2m, at a price of 15 pence per share.
The transition to the long hole stoping mining method at the gold mine - which started on 4 April - has "progressed well" and is in line with management’s plan. The company is now looking to buy a resolution definition drill rig - versus using a contractor drill rig - to bolster grade control modelling for mine planning.
