Cononish gold-silver mine’s largest investor Barn Bridge Ltd now holds 75% shares or more in developer SCZ Grampian Ltd, replacing the latter’s Australian parent Scotgold Resources Ltd.
RIGHTS
Companies House recorded the effective date of the changes as 1 November 2023, and received and published the notices today.
Additionally, on 15 December 2023 chief financial officer and interim CEO Sean Duffy’s post as a director terminated.
SCZ Grampian Ltd is focused on geological exploration of the Dalradian Group in the southwest Highlands.
Cononish was beset with operational issues and lower than expected grade in May 2023, after switching to long hole stoping the previous month.
Insufficient funds led to staff placed on unpaid leave and the suspension of trading in September, followed two months later by the appointment of administrators.
SCZ Grampian’s largest shareholder and owner of Barn Bridge is Nathaniel le Roux who resigned as a director in November 2023 and enforced his rights over owed debt.
The original 2018 agreement grants rights to Barn Bridge over Scotgold’s shares in SGZ Grampian Ltd.
As at November 2023, Mr le Roux owned 33.50% shares in SCZ Grampian.
Bridge Barn was at that time owed £450,000 loan interest due by 1 December 2023 and £2.5 million capital repayments.
Companies House reported that as on 19 October 2023, Barn Bridge held 30,260,451 ordinary shares in SCZ Grampian.
Listed officers now comprise directors Mr le Roux and Ian Proctor.