28th Oct 2015 09:49
LONDON (Alliance News) - Scotgold Resources Ltd Wednesday said it has completed the placement of the shortfall from its recent rights issue, as well as an additional placement, to raise funds for its Cononish gold and silver project.
The company raised AUD237,163 through the issue of 18.2 million shares at 1.3 cents each, with one free attaching unlisted option per share issued, in the placement of the shortfall from its rights issue.
It raised a further AUD137,237 through the issue of 10.6 million shares also at 1.3 cents each and with one free attaching option per share issued.
Scotgold said in August it would issue 113.5 million shares in a 1-for-10 rights issue in order to raise approximately AUD1.5 million.
The funds will be used to finance the work the company will carry out at the Cononish gold and silver project in Scotland.
"It is extremely satisfying that including these placements our recent rights issue has been effectively oversubscribed. The company appreciates this recognition by our shareholders of the progress made to date and the funds received put the company in a much stronger position as we continue our path to putting the Cononish Gold and Silver project into production," Chief Executive Richard Gray said in a statement.
Shares in Scotgold were up 2.0% to 0.735 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
SGZ.L