Scotgold Resources Ltd has secured a US$500,000 advance and deferred payment of £450,000 on loan interest to help with short-term working capital for the Cononish gold-silver mine.
BRIDGE BARN
The arrangements follow the company’s rise in debt and losses as well as fears for its immediate survival from lack of funds and poor gold grades.
The Australian company received the advance from its gold off-take partner.
Scotgold’s debt funder Bridge Barn Ltd, a company owned and controlled by non-executive director Nathaniel le Roux, has agreed to postpone all interest payments due up to and including 1 December 2023.