(Alliance News) - Scotgold Resources Ltd on Monday said it is now in discussions with a new strategic investor, after losing its "most advanced" investor at the start of October.
The Stirlingshire, Scotland-based gold and silver exploration company said that should the final agreement be reached, it 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," Scotgold said.
On October 2, had said its "most advanced" prospective investor had withdrawn from discussions.
Further announcements will be made "in due course", Scotgold Resources said.
Shares in Scotgold Resources are currently suspended in London.
By Sophie Rose, Alliance News reporter
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