Scotgold Resources Ltd - gold exploration and production company focused on Scotland - Raises GBP1.5 million for working capital through the current production ramp up period at the Cononish gold and silver mine. Notes the placing was for 2.1 million depositary interests at a price of 70 pence each.
Adds it has deferred the target date for the completion of the planned phase two expansion at Cononish until September 2022, compared to the previous target date of May 2022. Says this partly reflects the delays experienced achieving the planned ramp up for phase one, but also provides time to complete an optimisation study on the performance of phase one prior to finalising the phase two design.
Current stock price: 71.45p, down 20% on Wednesday
Year-to-date change: down 27%
By Zoe Wickens; zoewickens@alliancenews.com
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