16th Feb 2023 11:56
(Alliance News) - Scotgold Resources Ltd on Thursday said it has raised GBP3.0 million in total, after it closed its retail offer of 1.2 million shares priced at 40 pence each.
Scotgold is a Stirlingshire, Scotland-based gold and silver exploration company, primarily focused on developing the Cononish project in the Scottish highlands.
Its shares were down 1.2% to 41.50 pence each in London on Thursday around midday.
On Thursday last week, Scotgold said it intended to undertake a proposed capital raising for at least USD2.0 million through a placing, subscription and retail offer. As part of this, it said it would carry out a retail offer of up to 1.3 million new shares at the issue price to raise a further USD609,000.
On Thursday, Scotgold closed its retail offer and said it will issue 1.2 million shares, rather than 1.3 million.
Following the closing of the retail offer, 4.8 million placing shares, 1.4 million subscription shares, and 1.2 million retail shares will be issued. This will raise GBP3.0 million in total.
The company will use the proceeds to further its Cononish gold mine in Scotland and exploration work in the wider Grampians area.
By Sophie Rose, Alliance News reporter
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