Scotgold Resources has concluded its open offer of shares, which was fully subscribed, raising £1.5m.
Following admission, the company will have a total of 80,500,346 ordinary shares in issue, with no such shares held in treasury.
The additional £500,000 came from a subscription agreement with existing shareholders Maurice and Nicole Mason.
The following directors and existing shareholders participated in the offer, as follows:
Shareholder |
Shareholding prior to open offer |
Shares subscribed for |
Shares allocated |
Shareholding following open offer |
|
Nathaniel Le Roux |
25,300,474 |
1,666,667 |
1,666,667 |
26,967,141 |
33.50% |
William Styslinger |
6,762,336 |
666,667 |
666,667 |
7,429,003 |
9.23% |
Peter Hetherington |
4,886,974 |
730,046 |
730,046 |
5,597,020 |
6.95% |
Ian Proctor |
1,323,989 |
284,649 |
284,649 |
1,608,638 |
2.00% |
Maurice and Nicole Mason |
3,990,676 |
3,333,333 |
2,898,132 |
6,888,808 |
8.56% |
Charles Outhwaite |
2,203,672 |
330,550 |
330,550 |
2,534,222 |
3.15% |
The company is in the process of completing production and geological reconciliation, at which point it will have a better understanding of the factors contributing to the lower than expected grade performance at the Cononish mine.
From 5 April to 30 April, 229 ounces of gold in flotation concentrate has been produced, with 43 tonnes of gold concentrate shipped to the company's off-take partner, with a sales value of £300,000.
Further Scottish gold doré sales were made to Scottish jewellery companies - totalling £183,478 - from 1 January 2023 to 4 May 2023.
As previously disclosed, first quarter production was "disappointing", with 4,519 tonnes of ore mined at 5.35 g/t, which resulted in 758 ounces of gold being produced in the quarter.
A statement noted that the second quarter "has started better", but the ability for Scotgold to continue as a going concern is entirely dependent on the quantity and grade of ore that is produced from now on.
The company has "good visibility" on what is expected for the next three months and work is underway on the mining schedule and plans for the balance of 2023 and beyond.
The board of directors also announced that Maurice Mason has agreed to join them as a non-executive director, subject to the usual regulatory approvals.
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