5th May 2020 12:39
(Alliance News) - Erris Resources PLC on Tuesday said it raised roughly GBP330,000 through a share placing, in order to advance its Loch Tay gold project in Scotland once lockdown curbs are lifted.
Erris said 7.8 million shares were placed at 4.25 pence each. Shares in the company were trading 4.5% lower at 4.68p apiece in London on Tuesday afternoon, giving the company a market capitalisation of GBP1.5 million.
"The net proceeds of the placing will primarily be used to advance high-grade gold targets at the company's Loch Tay gold project in Scotland, once the restrictions that have been put in place as a result of the Covid-19 pandemic have been lifted," the company said.
"The proposed work includes a major soil sampling campaign over the Lead Trial - Dunan and Glen Almond target areas with ongoing licence wide sampling and geological mapping. These works aim to finalise the selection of prospective drill targets for testing before year-end subject to timing on easing of Covid-19 restrictions."
By Eric Cunha; [email protected]
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