Scotgold Resources Ltd - Stirlingshire, Scotland-based gold and silver exploration company - Says Nathaniel le Roux resigns as director of the company and its subsidiaries, after almost ten years, effective immediately as the company heads toward administration. Says it is now evaluating its position to "consider all options" available to the company and subsidiaries. le Roux is the major-secured creditor of subsidiary SGZ Cononish Ltd.
This comes after it announced on Tuesday that it was considering the appointment of administrators "over the coming days." In October, Scotgold said it was in "advanced" financing discussions with a strategic investor, but now says the discussions "have not resulted in an investment at this time." Its shares were suspended in September, pending clarification of its financial position.
le Roux comments: "As Scotgold's operating subsidiary heads towards administration, there is an unavoidable conflict between the interests of the company and my personal interest as the major secured creditor, and I believe it is in the interests of shareholders generally that I now stand down. I remain the company's largest shareholder, and the board has my full support at this very difficult time."
Shares in Scotgold Resources are currently suspended in London.
By Sabrina Penty, Alliance News reporter
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