13th Oct 2014 06:52
LONDON (Alliance News) - Scotgold Resources Ltd Monday said it will undertake a 1-for-1 fully underwritten rights issue to raise funds to put in on a more "robust" financial position, using the money for exploration work, debt retirement, working capital and developing its Cononish mine.
In a statement, the company said the rights issue shares will be issued at AUD0.006 a share. Its has been fully underwritten by Non-Executive Director Nathaniel le Roux and new Non-Executive Chairman Alexander Littlejohn.
Scotgold said it has appointed Littlejohn as chairman, Richard Gray as managing director and chief executive and le Roux and Richard Harris as non-executive directors.
Alexander "Sandy" Littlejohn is the managing director of the DTS Group, a well established dental laboratory in the UK, and is based in Glasgow. Gray most recently served as head of mining and expansion at Avocet Mining PLC, while "Nat" le Roux spent most of his career in financial markets and was CEO of IG Group PLC between 2002 and 2006.
The board changes come as Christopher Sangster stepped down as managing director and CEO, although he remains a non-executive director, and former Chairman John Bentley resigned to focus on his other corporate responsibilities.
Scotgold shares last traded at 0.455 pence in London, and AUD0.007 on the Australian Securities Exchange.
By Steve McGrath; [email protected]; @stevemcgrath1
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