2nd Oct 2023 11:52
(Alliance News) - Scotgold Resources Ltd on Monday said its "most advanced" prospective investor has withdrawn from discussions, meaning it is now considering its strategic options, including the potential of appointing administrators over the coming days.
The Stirlingshire, Scotland-based gold and silver exploration company said this followed Friday's announcement that financing discussions were ongoing and that it would need to appoint an administrator if sufficient financing was not secured.
"The company has been informed by the most advanced prospective investor that they have decided not to proceed with the investment and have now withdrawn from the discussions it was having with Scotgold," the company said.
"Therefore, the directors are assessing the remaining strategic options open and are in discussion with existing funders which could result in the appointment of administrators over the coming days."
Further announcements will be made "in due course", Scotgold Resources said.
Shares in Scotgold Resources are currently suspended in London.
By Greg Rosenvinge, Alliance News reporter
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