8th Jun 2020 18:38
(Alliance News) -Â SolGold PLC on Monday said it has raised GBP4.8 million, with an entity associated with the company's chief executive upping its stake.
SolGold said institutional and private investors agreed to subscribe for 21.4 million shares, raising GBP4.6 million.
In addition, SolGold Chief Executive Nicholas Mather through one of his associated entities, Samuel Holdings Pty Ltd, agreed to subscribe for 1.1 million shares, raising a further GBP200,000.
On admission of the shares, Samuel Holdings's stake will increase to 90.6 million shares, or 4.4% of the company.
"The capital raising outcome is very pleasing given the diversity of institutional investor participation. The funds raised ensure that SolGold will be aggressively pursuing its regional exploration and Alpala development financing programmes. The company is confident that Franco-Nevada's site access to Alpala is imminent as restrictions ease in Ecuador, which will see a determination of the conditions in regard to the Franco-Nevada USD100-150 million royalty funding agreement," said Mather.
On Friday, SolGold said it raised GBP27.1 million from a share placing and retail offer.
By Lucy Heming;Â [email protected]
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