Scotgold raises £2m via open offer-subscription

Scotgold Resources Ltd has raised a total £2 million from an open offer and subscription for its Cononish gold-silver mine near Tyndrum.

BOARD APPOINTMENT

The open offer, closed on 12 May, will see the maximum number of 10,065,262 open offer shares issued, raising £1.5 million.

On admission, Scotgold will have 80,500,346 ordinary shares in issue with none held in treasury. 

In April 2023 Maurice and Nicole Mason raised £500,000 via a subscription to now hold 8.56% of the company.

Mr Mason, who is vice president corporate development of Caledonia Mining, is also expected to join the board as a non-executive director, subject to approvals.

DIRECTORS’ DEALINGS

Directors and existing shareholders participated in the fundraise for just over seven million open offer shares each at 15p and subscription shares.

They collectively now own 63.39% of Scotgold.

Non-executive director and former chairman Nathaniel le Roux subscribed for 1,666,667 open offer shares and now owns 26,967,141, representing 33.50% of the company.

Majority shareholder Mr le Roux also owns Bridge Barn Ltd which has loaned funds to Scotgold.

NED William Styslinger subscribed for 666,667 (7,429,003, 9.23%); non-executive chairman Peter Hetherington, 730,046 (5,597,020, 6.95%); NED Ian Proctor, 284,649 (1,608,638, 2%); Maurice and Nicole Mason subscribed for 3,333,333 but were allocated 2,898,132 (6,888,808, 8.56%); and Charles Outhwaite senior managing director of independent advisory firm Evercore Partners, 330,550 (2,534,222, 3.15%).