REG - Scotgold Resources - Result of Retail Offer - Capital Raising of £3m

Scotgold ResourcesAnnouncement

16/02/2023 07:00

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RNS Number : 0745Q  Scotgold Resources Ltd  16 February 2023

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OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA,
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IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF EU
REGULATION 596/2014 WHICH FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.  UPON THE PUBLICATION OF
THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE WITHIN THE
PUBLIC DOMAIN.

For immediate release

 

16 February 2023

Scotgold Resources Limited

("Scotgold" or the "Company")

Result of Retail Offer

 

Successful Capital Raising of £3.0 million (US$3.6 million)

 

Further to the announcement dated 9 February 2023, Scotgold Resources Limited
(AIM: SGZ), Scotland's first commercial gold producer, is pleased to announce
that, following the closing of the Retail Offer on the BookBuild Platform on
15 February 2023, 1,178,460 Ordinary Shares will be issued at a price of 40
pence per Retail Offer Share in connection with the Retail Offer.

 

Following the closing of the Retail Offer, 4,815,000 Placing Shares, 1,435,000
Subscription Shares, and 1,178,460 Retail Offer Shares, resulting in a total
of 7,428,460 new Ordinary Shares will be issued in relation to the Placing,
Subscription and Retail Offer, raising total gross proceeds of £3.0 million
(US$3.6 million).

 

Capitalised terms used in this announcement have the meaning given to them in
the launch announcement, unless otherwise defined in this announcement.

Application has been made for the Placing Shares, Subscription Shares, and
Retail Offer Shares to be admitted to trading on AIM ("Admission"). Admission
is expected to take place at 8.00 a.m. on 17 February 2023.

 

Following the Admission, the total number of Ordinary Shares in the capital of
the Company in issue will be 67,101,751 with each Ordinary Share carrying the
right to one vote. There are no Ordinary Shares held in treasury and therefore
the total number of voting rights in the company is expected to be 67,101,751.
The above figure may be used by Shareholders in the Company as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the share capital
of the Company under the FCA's Disclosure, Guidance and Transparency Rules.

 

 

Enquiries:

 Scotgold Resources Limited                                           Via Celicourt Communications

 Phil Day, Chief Executive Officer

 Shore Capital Stockbrokers Limited (NOMAD, Broker, Sole Bookrunner)  +44 207 408 4050

 Toby Gibbs / John More/ Tom Knibbs
 Celicourt Communications (Financial PR)                              +44 774 8843 871

 Felicity Winkles

Bookbuild

Paul Brotherhood/ Marc Downes

support@bookbuild.live (mailto:support@bookbuild.live)

 

Notes

 

Scotgold Resources Ltd (AIM:SGZ), is Scotland's first commercial gold
producer. The Company poured first gold in November 2020 at its Cononish Gold
and Silver Mine ('Cononish) in Tyndrum, Scotland and is developing it into a
+23,500-ounce gold mine per annum. Cononish is a high-grade underground mining
operation with a central processing plant producing gold concentrate for
off-take and gold doré for the Scottish Jewellery industry.  The mine has
anticipated forecast operating costs of c.£610 per ounce in Q4 2023, which
will place Cononish in the lowest quartile of gold mining operations globally.

 

It is Scotgold's vision to build a mid-tier gold mining company in Scotland
with multiple operations in the country that enhance the local environment and
economy in ways that have an enduring positive impact.

 

Important Notices

The content of this announcement has been prepared by, and is the sole
responsibility of, the Company.

This announcement and the information contained herein is not for release,
publication or distribution, directly or indirectly, in whole or in part, in
or into or from the United States (including its territories and possessions,
any state of the United States and the District of Columbia (the "United
States" or "US")), Australia, Canada, Japan, the Republic of South Africa,
any member state of the EEA or any other jurisdiction where to do so might
constitute a violation of the relevant laws or regulations of such
jurisdiction.

The Retail Offer Shares have not been and will not be registered under the US
Securities Act of 1933, as amended (the "US Securities Act") or under the
applicable state securities laws of the United States and may not be offered
or sold directly or indirectly in or into the United States or to or for the
account or benefit of any US person (within the meaning of Regulation S under
the US Securities Act) (a "US Person"). No public offering of the Retail
Offer Shares is being made in the United States. The Retail Offer Shares are
being offered and sold outside the United States in "offshore transactions",
as defined in, and in compliance with, Regulation S under the US Securities
Act. In addition, the Company has not been, and will not be, registered under
the US Investment Company Act of 1940, as amended.

This announcement does not constitute an offer to sell or issue or a
solicitation of an offer to buy or subscribe for Retail Offer Shares in the
United States, Australia, Canada, New Zealand, Japan, the Republic of South
Africa, any member state of the EEA or any other jurisdiction in which such
offer or solicitation is or may be unlawful. No public offer of the securities
referred to herein is being made in any such jurisdiction.

The distribution of this announcement may be restricted by law in certain
jurisdictions and persons into whose possession any document or other
information referred to herein comes should inform themselves about and
observe any such restriction. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.

Shore Capital is authorised and regulated in the United Kingdom by the FCA.
Shore Capital is acting exclusively for the company and no one else in
connection with the placing, and Shore Capital will not be responsible to
anyone other than the Company for providing the protections afforded to its
clients, nor for providing advice in connection with the Retail Offer,
Admission and the other arrangements referred to in this announcement.

The value of Ordinary Shares and the income from them is not guaranteed and
can fall as well as rise due to stock market and currency movements. When you
sell your investment, you may get back less than you originally invested.
Figures refer to past performance and past performance is not a reliable
indicator of future results. Returns may increase or decrease as a result of
currency fluctuations.

Certain statements in this announcement are forward-looking statements which
are based on the Company's expectations, intentions and projections regarding
its future performance, anticipated events or trends and other matters that
are not historical facts. These forward-looking statements, which may use
words such as "aim", "anticipate", "believe", "intend", "estimate", "expect"
and words of similar meaning, include all matters that are not historical
facts. These forward-looking statements involve risks, assumptions and
uncertainties that could cause the actual results of operations, financial
condition, liquidity and dividend policy and the development of the industries
in which the Company's businesses operate to differ materially from the
impression created by the forward-looking statements. These statements are not
guarantees of future performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
Given those risks and uncertainties, prospective investors are cautioned not
to place undue reliance on forward looking statements.

These forward-looking statements speak only as at the date of this
announcement and cannot be relied upon as a guide to future performance. The
Company and Shore Capital expressly disclaim any obligation or undertaking to
update or revise any forward-looking statements contained herein to reflect
actual results or any change in the assumptions, conditions or circumstances
on which any such statements are based unless required to do so by the FCA,
the London Stock Exchange or applicable law.

The information in this announcement is for background purposes only and does
not purport to be full or complete. None of Shore Capital, or any of its
affiliates, accepts any responsibility or liability whatsoever for, or makes
any representation or warranty, express or implied, as to this announcement,
including the truth, accuracy or completeness of the information in this
announcement (or whether any information has been omitted from the
announcement) or any other information relating to the Company or associated
companies, whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever arising from
any use of the announcement or its contents or otherwise arising in connection
therewith. Shore Capital and its affiliates accordingly disclaim all and any
liability whether arising in tort, contract or otherwise which they might
otherwise be found to have in respect of this announcement or its contents or
otherwise arising in connection therewith.

 

Any indication in this announcement of the price at which the Ordinary Shares
have been bought or sold in the past cannot be relied upon as a guide to
future performance. Persons needing advice should consult an independent
financial adviser. No statement in this announcement is intended to be a
profit forecast and no statement in this announcement should be interpreted to
mean that earnings or target dividend per share of the Company for the current
or future financial years would necessarily match or exceed the historical
published earnings or dividends per share of the Company.

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into or forms part of this announcement.
The Retail Offer Shares to be issued or sold pursuant to the Retail Offer will
not be admitted to trading on any stock exchange other than the London Stock
Exchange.

 

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