Scotgold Resources Ltd said it had received and completed the first tranche of the new loans drawn down for £1.2 million from Fern Wealth GmbH.
TRANCHES
The amount is part of the £3m deal agreed with the syndicate of high net worth individual during April 2022, with the remaining £1.8m drawdown on or before 30 June 2022.
OPTIMISATION
The Australian company aims to use the proceeds to speed up optimisation initiatives to achieve a gold production run rate of 23,500oz pa by the end of Q1 2023.