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IN BRIEF: Scotgold seeks fresh funding to develop Cononish mine

Tue, 19th Sep 2023 18:38

Scotgold Resources Ltd - Stirlingshire, Scotland-based gold and silver exploration company - Updates on the mining plus review of the Cononish mine plan for the next twelve months. Says while the company further stated that while the geological data and documentation suggested "no fatal flaws" in the mineral resource estimate and grade control modelling process, the draft mine plan and associated cash flow forecasts are currently being reviewed by the company, but they indicate that to deliver to the plan, a significant capital investment is required.

Says firm is actively seeking additional financing and discussions are in an advanced stage and, should they materialize, are expected to provide sufficient funding for the company to continue as a going concern. The outcome of the funding discussions is highly uncertain and if the company cannot conclude a significant fundraise, it will cast material uncertainty for the company to continue as a going concern.

Current stock price: 12.75 pence

12-month change: down 81%

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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25 Feb 2014 15:47

Scotgold Resources Brings Three New Strategic Investors On Board

LONDON (Alliance News) - Scotgold Resources PLC Tuesday said it has entered a binding heads of agreement with three strategic investors who will take a significant holding in the company. The gold exploration and development company said the agreement will result in the company raising up t

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3 Feb 2014 13:46

UK MIDDAY BRIEFING: Mis-Selling Bill Continues To Mount For UK Banks

LONDON (Alliance News) - UK banks are still counting the cost of their product mis-selling, with Lloyds Banking Group Monday adding a further GBP1.93 billion to the amount it has set aside to cover claims for previous sales of payment protection insurance and interest rate hedging products. Read more

3 Feb 2014 11:26

UK WINNERS & LOSERS: Rurelec Drops 25% As Bolivia Award Disappoints

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday.

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FTSE 100 - WINNERS

Randgold Resources, up 2.1%. In a difficult environment for gold miners,

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3 Feb 2014 09:39

Scotgold Weighs Smaller Project At Cononish As Funding Remains Scarce

LONDON (Alliance News) - Scotgold Resources Ltd Monday said it is evaluating its options for a smaller project at the Cononish Gold and Silver Project in Scotland. The metals exploration company, which has sought a range of alternatives to finance the development of the site since April 201

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22 Jan 2014 08:46

Scotgold Resources Places Rights Issue Shortfall Shares

LONDON (Alliance News) - Scotgold Resources Ltd Wednesday said it has managed to place the shortfall in its recent rights issue, raising a further AUD88,273 before expenses. The metals exploration company had said January 6 that shareholders had taken up 90% of the shares offered in the rig

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6 Jan 2014 10:23

Scotgold Resources Says 90% Of Shares Under Rights Issue Taken Up

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26 Nov 2013 13:59

Scotgold Resources tumbles on project downsizing

Scotland focused gold prospector Scotgold Resources has admitted to struggling in its attempts to raise funding for its Cononish Gold and Silver project and has instead proposed a smaller initial development. The AIM-listed company said it was in the early stages of considering a smaller initial p

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26 Nov 2013 12:17

UK WINNERS & LOSERS: BTG Leads FTSE 350 Risers On Treatment Approval

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26 Nov 2013 10:11

Scotgold Struggles For Funding At Cononish Project, Launches Rights Issue

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26 Nov 2013 08:25

AIM IN BRIEF: Chamberlin Swings To Half-Year Loss, Suspends Dividend

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31 Oct 2013 14:17

Scotgold Resources Progresses Towards Financing Scottish Gold Project

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17 Sep 2013 08:38

Scotgold Resources Applies For 10M Placement Shares To Be Traded On AIM

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