7 Oct 2015 07:00
SCOTGOLD RESOURCES LIMITED
CLOSE OF NON-RENOUNCEABLE RIGHTS ISSUE
Scotgold Resources Limited (ASX: SGZ) (Company) advises that its recently announced pro-rata non-renounceable rights issue (Rights Issue) closed on 30 September 2015. The Rights Issue offered eligible shareholders the opportunity to subscribe for one (1) new share for every ten (10) existing shares held at the record date of 4 September 2015 at an issue price of 1.3 cents each, together with one (1) free attaching unlisted option per new share subscribed (Options). The Options are exercisable at £0.01 on or before 30 September 2017.
A total of 95,295,889 new shares were applied for under the Rights Issue to raise approximately $1,238,846 (before costs) and a total of 95,295,889 Options will be issued under the Rights Issue. The Rights Issue is not underwritten. Accordingly, the shortfall under the Rights Issue is 18,243,341 shares and 18,243,341 Options, as follows:
Event | Number | $ | % of total offered under Rights Issue |
Shares applied for under Rights Issue | 91,090,481 | $1,184,176 | 80% |
Shares applied for under Excess Entitlements Facility (by eligible shareholders in excess of their entitlement) | 4,205,408 | $54,670 | 4% |
Total shares to be issued | 95,295,889 | $1,238,846 | 84% |
Total free attaching Options to be issued | 95,295,889 | ||
Remaining Shortfall shares to be placed | 18,243,341 | $237,163 | 16% |
Remaining Shortfall free attaching Options | 18,243,341 |
It is anticipated that the shares and Options under the Rights issue will be issued on 7 October 2015 and dispatch of holding statements is expected to occur on 8 October 2015.
Application is being made for the shares to be admitted to trading on AIM and trading is expected to commence on 12 October 2015.
Following the Rights Issue, the Company's capital structure is as follows:
Security | Number |
Total shares on issue* | 1,230,688,361 |
Total options on issue* | 135,560,161 |
*Not including Rights Issue Shortfall.
Following the Rights Issue the Directors reserve the right to lace the Shortfall shares as 1.3 cents each (with free attaching Options) at their discretion within 3 months.
Richard Gray, Chief Executive Officer commented: "We are extremely pleased with the take up of the Rights Issue and the support it demonstrates from our shareholder base. Given the high level of interest shown, I fully expect that the Directors will exercise their discretion and place the outstanding shortfall within the prescribed period. The Company is continuing to advance the financing options for the Cononish Project and we will and we will keep our shareholders informed as and when the next milestones are reached".
For further information
Scotgold Resources Limited Westhouse Securities Limited
Richard Gray Robert Finlay / Alastair Stratton
Chief Executive Officer
Tel: +44 (0)7905 884 021 Tel: +44 (0)20 7601 6100
Capital Markets Consultants Vicarage Capital Limited
Simon Rothschild Rupert Williams
Tel +44 (0)7703 167 065 Tel: +44 (0)20 3651 2911