LONDON (Alliance News) - Scotgold Resources Ltd on Tuesday said it has raised GBP750,000 through a direct share subscription by Non-Executive Director William Styslinger and close associate Jane Styslinger.
Shares in Scotgold were up 8.9% at 26.14 pence on Tuesday.
The mining company, which is progressing its Cononish gold and silver project in Scotland, issued 2.7 million shares at 27.5 pence per share to the Styslingers. This price represents a 15% premium to the 24p closing mid-market price of its shares on Monday.
William and Jane Styslinger each subscribed for half of the shares.
The purchases bring William Styslinger's beneficial interest in Scotgold to 4.7 million shares or 10% of its enlarged capital.
The fund will be used to explore the company's Grampian exploration licences, which border the Cononish project.