REG - Scotgold Resources - Update On Financing Discussions

Scotgold ResourcesAnnouncement

16/10/2023 07:00

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RNS Number : 1482Q  Scotgold Resources Ltd  16 October 2023

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR
MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

16 October 2023

 

 

 

Scotgold Resources Limited ("Scotgold", the "Company" or the "Group")

Update on financing discussions

 

On 2 October 2023 the Company announced that the most advanced prospective
investor had decided not to proceed with investment in the Company and had
withdrawn from the discussions it was having with Scotgold.

 

Further to this, the Company is now in advanced discussions with a new
strategic investor which, should final agreement be reached, is expected to
provide sufficient funding for the Company to continue as a going concern.

 

Whilst financing discussions are at an advanced stage, in the event the
Company cannot secure financing with the new strategic investor, this could
result in the appointment of Administrators.

 

Further announcements will be made in due course.

 

 

**ENDS**

 

 Scotgold Resources Limited

 Sean Duffy, interim CEO and CFO              Contact via Shore Capital below

 Peter Hetherington, Non-executive Chairman

 Shore Capital (Nomad and Broker)             Tel +44 (0) 20 7408 4090

 Toby Gibbs / Tom Knibbs

 

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.

 

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.

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