http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Thu, 26 Apr 2018 22:05:15 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Conversion of Options and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180323070002_13578344/ Fri, 23 Mar 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180323070002_13578344/ <![CDATA[News - Scotgold adjusts the terms of loan from major shareholder ]]> http://www.proactiveinvestors.co.uk/companies/news/193457/scotgold-adjusts-the-terms-of-loan-from-major-shareholder-193457.html Scotgold Resources Ltd (LON:SGZ) has amended the terms of a £1mln loan from key shareholder and chairman Nat le Roux.

Under the new terms, the repayment date has been extended to 30 September 2018 and the interest rate has been revised to 0% per annum.

READ: Scotgold signs up earn-in partner for the Pomar exploration licence in Portugal

The loan was drawn down by the company on 30 March 2017 and attracted an interest rate of 10% per annum. That interest was originally accrued, at the company's option, but is now no longer payable.

"This extension to the repayment date now gives us the necessary time to progress the funding required to complete the first stage of development of the Cononish gold mine,” said Scotgold chief executive Richard Gray. 

“Nat le Roux's continued support and confidence in our project is amply demonstrated by his willingness to forgo all interest due on the loan, which can now be applied for the benefit of all shareholders."

 

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Tue, 20 Mar 2018 08:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193457/scotgold-adjusts-the-terms-of-loan-from-major-shareholder-193457.html
<![CDATA[RNS press release - Amendment to Loan Agreement ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180320070005_13572857/ Tue, 20 Mar 2018 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180320070005_13572857/ <![CDATA[News - Scotgold signs up earn-in partner for the Pomar exploration licence in Portugal ]]> http://www.proactiveinvestors.co.uk/companies/news/193361/scotgold-signs-up-earn-in-partner-for-the-pomar-exploration-licence-in-portugal-193361.html Scotgold Resources Ltd (LON:SGZ) has signed up South African junior explorer PanEx as earn-in partner for the Pomar licence in Portugal.

PanEx will commence an initial phase of work, which will entail expenditure of up to €100,000 within 180 days.

READ: Scotgold Resources agrees to sell French business for up to €1mln

PanEx may elect within this period to commence what has been termed the First Development Phase, under which it will spend at least €1,500,000 within 18 months of election to do so.

Upon providing satisfactory evidence of such expenditure, Scotgold’s Portuguese subsidiary  will issue shares representing 50% of its total issued share capital to PanEx.

Panex may then elect to commence a Second Project Development Phase, under which it will spend at least €5,000,000 within a further two years of election to do so, a clause which is designed to allow for the completion of e a feasibility study.

At that point, Scotgold Portugal will issue shares representing a further 30% of its total issued share capital to PanEx.

"We are delighted to conclude this Agreement with PanEx, who, using their strong technical and financial resources, will enable the accelerated development of the highly prospective Pomar licence,” said Scotgold chief executive Richard Gray. 

“In particular it allows us to retain an interest in the project as it advances and potentially continue to participate beyond the feasibility study stage."

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Mon, 19 Mar 2018 08:02:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193361/scotgold-signs-up-earn-in-partner-for-the-pomar-exploration-licence-in-portugal-193361.html
<![CDATA[RNS press release - Earn In Agreement to Portuguese Subsidiary ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180319070003_13570992/ Mon, 19 Mar 2018 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180319070003_13570992/ <![CDATA[News - Scotgold Resources agrees to sell French business for up to €1mln ]]> http://www.proactiveinvestors.co.uk/companies/news/193217/scotgold-resources-agrees-to-sell-french-business-for-up-to-1mln-193217.html Scotgold Resources Limited (LON:SGZ) has agreed to sell its French business, which owns a French exploration licence.

The conditional sale would see Scotgold receive €100,000 as an initial cash payment, along with up to €900,000 of potential deferred cash payments.

READ: Scotgold’s interim results show nearly A$4.5mln cash on balance sheet at end December

"We are delighted to have sold our French subsidiary on the terms offered,” said Richard Gray, Scotgold chief executive.

“We strongly believe in the potential value of the assets, however, given our current focus on the Cononish project with its exciting developments and the recently announced planning permission, we are pleased to have attracted a purchaser who can progress the French Licences, making the sale mutually beneficial.

“We retain the opportunity to acquire the Penlan licence if it becomes available, and moreover the company will benefit from the commercial exploitation of any of the licences in the future and we wish the purchaser every success in their endeavours."

Under the terms of the deal, the buyer will be obligated to offer the Penlan licence (if the pending licence application is approved) to Scotgold for an nominal fee but the company is not obligated to take up the asset.

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Thu, 15 Mar 2018 08:09:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193217/scotgold-resources-agrees-to-sell-french-business-for-up-to-1mln-193217.html
<![CDATA[RNS press release - Conditional Sale of French Subsidiary ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180315071033_13567894/ Thu, 15 Mar 2018 07:10:33 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180315071033_13567894/ <![CDATA[RNS press release - Interim Financial Report - REPLACEMENT ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180313094814_13564786/ Tue, 13 Mar 2018 09:48:14 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180313094814_13564786/ <![CDATA[News - Scotgold’s interim results show nearly A$4.5mln cash on balance sheet at end December ]]> http://www.proactiveinvestors.co.uk/companies/news/193048/scotgolds-interim-results-show-nearly-a45mln-cash-on-balance-sheet-at-end-december-193048.html Scotgold Resources PLC (LON:SGZ) made a loss of A$769,000 during the six months to December 2017, as the company moved towards a production decision for the Cononish mine in Scotland.

Cash and cash equivalents stood at just under A$4.5mln, representing around 30% of the total funding required to put Cononish into production.

READ: Scotgold’s Richard Gray upbeat as planning granted for Cononish gold mine development

Post the period end, permission was granted by the Parks Authority for Scotgold’s revised mining plan, so the company is now able to initiate early stage construction work and to go out and seek the remainder of the required funding.

 

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Tue, 13 Mar 2018 07:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193048/scotgolds-interim-results-show-nearly-a45mln-cash-on-balance-sheet-at-end-december-193048.html
<![CDATA[RNS press release - Interim Financial Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180313072104_13564480/ Tue, 13 Mar 2018 07:21:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180313072104_13564480/ <![CDATA[RNS press release - Appointment of Nominated Adviser and Joint Broker ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180308070001_13558942/ Thu, 08 Mar 2018 07:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180308070001_13558942/ <![CDATA[News - Scotgold’s Richard Gray upbeat as planning granted for Cononish gold mine development ]]> http://www.proactiveinvestors.co.uk/companies/news/192762/scotgolds-richard-gray-upbeat-as-planning-granted-for-cononish-gold-mine-development-192762.html It’s not easy building a gold mine in a National Park, even if the locals are all in favour and the boost to the regional economy is likely to be significant.

But Scotgold Resources Ltd (LON:SGZ) has now got full permission from all the relevant authorities to build a mine slightly modified from the original plan in that it will put the tailings in dry stacks that have been de-watered in the plant.

READ: Scotgold receives green light to develop Scotland's first commercial gold mine

The Parks Authority did take into account objections from a group called Mountaineering Scotland, but in the end the economic well-being of the Park’s inhabitants held greater sway.

It’s helpful too, of course, that Cononish is actually a very small mine by international standards, and that all of the actual mining will take place underground.

So there will be some traffic up the valley, but guess what? – the man who owns the land that this traffic will pass through is all in favour.

“The community were in full support,” says Scotgold’s chief executive Richard Gray. “There will be a positive contribution from Cononish.”

It’s true that certain documentation remains to be completed, but to all intents and purposes the way is now clear for development of Cononish to begin in earnest.

Funding nearly there

Not all of the money to pay for that development is in place yet. But a good portion of it is.

“The first chunk of financing was put into place with our rights issue and raised £3mln,” says Gray.

“That’s 30% of what we’re looking for. We said we’d look at options for the rest of the money once the planning was in place. So we’re now looking to complete the funding fairly promptly. But with the £3mln in place we can start the project.”

The plan is to take a phased approach, to start with an operation that will produce around 12,000 ounces of gold per year.

Cashflow from that production will then be ploughed back in and used to expand the operation to a production rate of 24,000 ounces per year.

So, with another £7mln needed to get the ball really rolling, Gray says he’s ready to consider all potential sources of funding.

Among those he mentions that are under consideration are a form of senior debt, or a form of vendor finance.

It’s also worth noting though, that the company has been well supported in recent years by key shareholder Nat Le Roux, the man who underwrote the rights issue.

He now holds just over 53% of the shares, and would be unlikely to come in for any more equity.

But he is connected in some interesting ways, having formerly served as chief executive of IG Group, the derivatives trader, and as an independent director of the London Metal Exchange.

All told, the momentum is now with Scotgold, the local village of Tyndrum looks due for a long-awaited economic booster shot, and Scotgold shareholders can look forward to a re-rating as production edges closer. 

 

 

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Wed, 07 Mar 2018 11:37:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192762/scotgolds-richard-gray-upbeat-as-planning-granted-for-cononish-gold-mine-development-192762.html
<![CDATA[Media files - ScotGold receives green light to develop Scotland's first commercial gold mine ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8828/scotgold-receives-green-light-to-develop-scotland-s-first-commercial-gold-mine-8828.html Thu, 01 Mar 2018 12:24:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8828/scotgold-receives-green-light-to-develop-scotland-s-first-commercial-gold-mine-8828.html <![CDATA[News - Scotgold Resources jumps after receiving planning approval for first commercial gold mine in Scotland's history ]]> http://www.proactiveinvestors.co.uk/companies/news/192298/scotgold-resources-jumps-after-receiving-planning-approval-for-first-commercial-gold-mine-in-scotland-s-history-192298.html Scotgold Resources Limited (LON:AIM:SGZ) topped the market gainers on Wednesday, with its shares jumping nearly 25% higher following news after-hours on Tuesday that it has received planning approval for the first commercial gold mine in Scotland's history.

In a statement, the AIM-listed group said the Loch Lomond and the Trossachs National Park Authority has unanimously approved the company's application for the development of the Cononish Goldmine at a Special Board Meeting held on Tuesday, subject to the conclusion of legal agreements.

WATCH: Scotgold Resources jumps after receiving planning approval for first commercial gold mine in Scotland's history

Richard Gray, CEO of Scotgold, commented: "We are delighted with this decision which paves the way for the development of the mine which will result in full production of the Cononish Deposit." 

He added: "The process has been aided by professionalism of the Park's executives. I am convinced that our project will  meet both  the highest environmental standards and provide a significant boost to the local economy around Tyndrum."

Scotgold wants to construct an underground mine producing 12,000 ounces of gold per year initially.

Once approval is granted, Scotgold will proceed with the financing for the development, though the approval of the Park Authority is seen as the key hurdle to cross.

In early trading, Scotgold shares were up 24.5% at 35.5p.

 -- Updates with Wednesday's share price --

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Tue, 27 Feb 2018 18:20:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192298/scotgold-resources-jumps-after-receiving-planning-approval-for-first-commercial-gold-mine-in-scotland-s-history-192298.html
<![CDATA[RNS press release - Planning Application Granted ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180227175056_13548117/ Tue, 27 Feb 2018 17:50:56 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180227175056_13548117/ <![CDATA[News - Scotgold receives recommendation for approval of Cononish mine plan ]]> http://www.proactiveinvestors.co.uk/companies/news/191760/scotgold-receives-recommendation-for-approval-of-cononish-mine-plan-191760.html Scotgold Resources Limited (LON:SGZ) has received a boost to its plans to open an underground gold mine at Cononish.

The Director of Rural Planning and Development at the Loch Lomond and the Trossachs National Park Authority has issued a report recommending approval of the company's application, subject to an S75 planning agreement.

READ: Scotgold completes £450,000 placing in support of development at Cononish

The report was published ahead of the Special Board Meeting of the authority on February 27 , which will follow a site visit.

Scotgold wants to construct an underground mine producing 12,000 ounces of gold per year initially, which will rise eventually to 24,000oz.

Once approval is granted, Scotgold will proceed with the financing for the development, though the approval of the Park Authority is seen as the key hurdle to cross. 

A full version of the Committee Report Final, including appendices detailing the proposed conditions and proposed heads of terms for the S75 planning obligation document is available at http://eplanning.lochlomond-trossachs.org/OnlinePlanning/?agree=0

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Fri, 16 Feb 2018 08:12:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191760/scotgold-receives-recommendation-for-approval-of-cononish-mine-plan-191760.html
<![CDATA[RNS press release - Planning Application ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180215154031_13535146/ Thu, 15 Feb 2018 15:40:31 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180215154031_13535146/ <![CDATA[RNS press release - Planning Application ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180212120715_13529897/ Mon, 12 Feb 2018 12:07:15 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180212120715_13529897/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180111135037_13493488/ Thu, 11 Jan 2018 13:50:37 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180111135037_13493488/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180105114135_13487025/ Fri, 05 Jan 2018 11:41:35 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180105114135_13487025/ <![CDATA[News - Scotgold completes £450,000 placing in support of development at Cononish ]]> http://www.proactiveinvestors.co.uk/companies/news/189530/scotgold-completes-450000-placing-in-support-of-development-at-cononish-189530.html Scotgold Resources Ltd (LON:SGZ) has completed a £450,000 placing, part of the previously announced financing package which also comprises a shareholder rights issue.

The placing shares were priced on the same terms as the shares being offered under the rights issue, at 2.5p with one 4p warrant attached to every five shares.

READ: Scotgold's rights issue is crucial step towards full production at Cononish

The money raised will be used to commence part of the development of the Cononish gold and silver project in Scotland, to undertake wider exploration, to comprise part of a potential repayment of an existing £1mln loan, which is payable by 30 March 2018, and for working capital.

Scotgold is still waiting for a planning determination for Cononish from the Loch Lomond and Trossachs National Parks Planning Authority, which is still expected early this year.

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Thu, 04 Jan 2018 13:20:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189530/scotgold-completes-450000-placing-in-support-of-development-at-cononish-189530.html
<![CDATA[RNS press release - Completion of Placing ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180104120143_13485510/ Thu, 04 Jan 2018 12:01:43 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180104120143_13485510/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180104110540_13485329/ Thu, 04 Jan 2018 11:05:40 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20180104110540_13485329/ <![CDATA[RNS press release - Results of Rights Issue ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171221070004_13473484/ Thu, 21 Dec 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171221070004_13473484/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171219164058_13471548/ Tue, 19 Dec 2017 16:40:58 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171219164058_13471548/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171219163535_13471541/ Tue, 19 Dec 2017 16:35:35 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171219163535_13471541/ <![CDATA[RNS press release - Rights Issue - Extension of Acceptance Period ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171206150001_13456365/ Wed, 06 Dec 2017 15:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171206150001_13456365/ <![CDATA[News - Scotgold says planning decision on Cononish gold project delayed until next year ]]> http://www.proactiveinvestors.co.uk/companies/news/188051/scotgold-says-planning-decision-on-cononish-gold-project-delayed-until-next-year-188051.html Scotgold Resources Limited (LON:SGZ) has been advised that the Loch Lomond and Trossachs National Parks Planning Authority has indicated that a decision on the company’s planning application is likely to occur later than the original target date of 14 December 2017. 

The AIM-listed miner said this means a decision on planning permission for the Cononish gold project in Scotland will now be "targeted as early as possible in 2018".

WATCH: Scotgold Resources keen to crack on with construction after £2.65mln raise

The group said it is working with the planning authority “to supply additional clarifications relating to issues raised by various consultees and, subject to the Authority's assessment of these clarifications, a new determination date will be targeted as early as possible in 2018.”

Scotgold said the delay does not impact on the company's strategy and plans, and the reasons for it are related only to requests for further information.

In afternoon trading, Scotgold shares were changing hands at 25p each, down 9.1% or 2.5p on last night; closing price.

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Thu, 30 Nov 2017 12:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188051/scotgold-says-planning-decision-on-cononish-gold-project-delayed-until-next-year-188051.html
<![CDATA[RNS press release - PLANNING APPLICATION ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171130115629_13449495/ Thu, 30 Nov 2017 11:56:29 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171130115629_13449495/ <![CDATA[RNS press release - Conversion of Options and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171128111953_13446387/ Tue, 28 Nov 2017 11:19:53 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171128111953_13446387/ <![CDATA[RNS press release - Results of Annual General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171128102206_13446208/ Tue, 28 Nov 2017 10:22:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171128102206_13446208/ <![CDATA[News - Scotgold's rights issue is crucial step towards full production at Cononish ]]> http://www.proactiveinvestors.co.uk/companies/news/187644/scotgold-s-rights-issue-is-crucial-step-towards-full-production-at-cononish-187644.html Longer-term, the plan is to ramp up the Cononish gold mine in Scotland to a production rate of 24,000 ounces per year, according Richard Gray, chief executive of project owner Scotgold Resources PLC (LON:SGZ).

The more immediate target, though, of 12,000 ounces, takes the company half way there.

WATCH: Scotgold Resources keen to crack on with construction after £2.65 mln raise

And the building blocks that will make that happen are now being put in place.

First off, there’s the recently-announced £2.65 mln two-for-three rights issue. This is being fully-underwritten by the company’s chairman and major shareholder Nat Le Roux, and represents a tangible expression of faith from him in the future of the project.

If shareholders choose not to take up their rights in this fundraise, Le Roux is more than happy to invite third parties in, but failing that, his own money will provide the equity component of the funding that Cononish requires to get built.

It’s a major tick in the box and allows Scotgold to go out to other sources of finance with its cornerstone investment already in place. Any shareholder who wants to avoid dilution can do, simply by following his or her rights, and given that the funding itself represents a major milestone in de-risking the project, there is a feeling that this could be a good entry point.

What’s more, in the event of a shortfall in the uptake, other existing investors will be able to apply for an additional allocation and actually increase their percentage holding.

READ: Scotgold plans £2.65 mln fundraising via fully underwritten rights issue

“With this rights issue we’ve raised about a third of the funds we need to build the project,” says Gray.

“We knew we needed a chunk of equity in the pie. And this way represents an opportunity for our existing shareholders to get in now while the price is still reasonable and as we de-risk.”

He concedes that many of Scotgold’s shareholders have small-scale holdings and may not be in a position to follow their rights. But he insists that everyone ought to be given the opportunity.

He also accepts that although the rights issue represents a key step on the road to financing Cononish, the journey is not yet finished.

“The key message is that we accept that it’s not the full monty and we can’t say we’re definitely going ahead,” he says. “But by doing this now we have significantly de-risked the second tranche.”

There remains the technical and bureaucratic approval of planning permission to be surmounted, and going to banks for finance wouldn’t be viable before that hurdle had been cleared anyhow.

READ: Scotgold Resources submits revised Cononish application; eyeing decision by end of year

But it won’t be long. The planning decision is likely in December, and Scotgold wants to be ready to respond whichever way it goes.

There’s actually not much nervousness that the decision will go against the company, but even so, the feeling is that now is a good time to bring in money so that if any appeal is required work on site can continue without being overshadowed by any funding uncertainty.

On a more optimistic note, if and when the permission is granted and with the cornerstone equity finance already in place, talks with banks ought to be fairly brief and to the point.

It’s a small operation, but there’s lots of margin on offer. The company knows that in part because it’s already been operating on site at a low level with the processing of an old stockpile through a pilot-scale plant.

But it’s also been at work refining the project design.

“The biggest issue has been demonstrating that there are alternatives to the previous tailings facility,” says Gray.

“The new design of the tailings dam is a drystack system which will be used to build forms which mimic the local topography. The original system would have cost £5 mln up front. But with the new system the cost is spread out over the life of the mine.”

Which means that the overall price tag the company is putting on getting phase 1 up and running is a mere £7.4 mln. The underwritten rights issue takes the company a long way there. Attractive economics should do the rest.

 

 

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Wed, 22 Nov 2017 10:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187644/scotgold-s-rights-issue-is-crucial-step-towards-full-production-at-cononish-187644.html
<![CDATA[Media files - Scotgold Resources keen to crack on with construction after £2.65 mln raise ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8360/scotgold-resources-keen-to-crack-on-with-construction-after-265-mln-raise-8360.html Mon, 13 Nov 2017 15:56:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8360/scotgold-resources-keen-to-crack-on-with-construction-after-265-mln-raise-8360.html <![CDATA[News - Scotgold plans £2.65 mln fundraising via fully underwritten rights issue ]]> http://www.proactiveinvestors.co.uk/companies/news/187134/scotgold-plans-265-mln-fundraising-via-fully-underwritten-rights-issue-187134.html Scotgold Resources Limited (LON:SGZ) is to raise £2.65 mln via a rights issue offering two new shares for every three already held.

The offer price is 25p, although for each five existing shares shareholders also get one new option priced at 40p.

READ: Scotgold narrows losses as it remains ‘hopeful’ of sorting Cononish financing soon

The price before the offer was announced was 27p.

The money raised will be used to commence the next stage of work at Scotgold’s Cononish gold mine in Scotland, where the existing stockpile will shortly be depleted.

The current fundraising represents around 30 per cent of the total that will be needed to complete what’s known as Phase 1 of the development.

READ: Scotgold Resources submits revised Cononish application; eyeing decision by end of year

The outcome of Scotgold’s planning application is expected in mid-December 2017, although the company still has the option to commence development of the Cononish project under its full-scale development programme, for which planning permission has previously been granted.

Under current plans, development work would commence early in 2018.

The offer is fully underwritten by Scotgold’s largest shareholder, Nat Le Roux, who currently holds slightly less than 40%.

 

 

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Mon, 13 Nov 2017 07:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187134/scotgold-plans-265-mln-fundraising-via-fully-underwritten-rights-issue-187134.html
<![CDATA[RNS press release - Rights Issue ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171113070004_13428527/ Mon, 13 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171113070004_13428527/ <![CDATA[RNS press release - Conversion of Options and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171108151520_13425080/ Wed, 08 Nov 2017 15:15:20 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171108151520_13425080/ <![CDATA[RNS press release - Notice of Annual General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171107121710_13423237/ Tue, 07 Nov 2017 12:17:10 +0000 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171107121710_13423237/ <![CDATA[RNS press release - Directorate Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171009070003_13389490/ Mon, 09 Oct 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171009070003_13389490/ <![CDATA[RNS press release - Presentation ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171004070007_13385082/ Wed, 04 Oct 2017 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171004070007_13385082/ <![CDATA[RNS press release - Exercise of Options and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171002161815_13383101/ Mon, 02 Oct 2017 16:18:15 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20171002161815_13383101/ <![CDATA[News - Scotgold narrows losses as it remains ‘hopeful’ of sorting Cononish financing soon ]]> http://www.proactiveinvestors.co.uk/companies/news/184840/scotgold-narrows-losses-as-it-remains-hopeful-of-sorting-cononish-financing-soon-184840.html Scottish gold miner Scotgold Resources PLC (LON:SGZ) has said it is “hopeful” of securing the required funding for its Cononish mine.

The firm said it is working with its advisors on sourcing the financing for the project from debt and private equity providers.

READ: Updated BFS...

Scotgold recently announced that the peak funding required for the project had been reduced from £18.5mln to just £7.4mln.

A recently updated bankable feasibility study suggests Cononish has a pre-tax net present value of £43mln, while the life of mine EBITDA (underlying earnings) is forecast to be £100mln.

May have to look at near-term funding options

During the 12 months to 30 June, Scotgold narrowed its losses to A$1.35mln compared to just over A$1.5mln in 2016.

That was due to a combination of lower mineral and exploration expenditure and the first sales of gold from the bulk processing trial at Cononish.

At the end of the period, Scotgold had cash reserves of A$572,300 (2016: A$738,900).

It said it was “mindful” of the short and medium term working capital needs and said it may need to consider addressing these issues separately from the project financing.

Shares were down 9.4% to 29.4p in early afternoon trading.

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Fri, 29 Sep 2017 12:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184840/scotgold-narrows-losses-as-it-remains-hopeful-of-sorting-cononish-financing-soon-184840.html
<![CDATA[RNS press release - Annual Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170929070001_13379542/ Fri, 29 Sep 2017 07:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170929070001_13379542/ <![CDATA[RNS press release - Change of Registered Office ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170831094002_13347070/ Thu, 31 Aug 2017 09:40:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170831094002_13347070/ <![CDATA[RNS press release - Completion of Share Consolidation ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170825103001_13342125/ Fri, 25 Aug 2017 10:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170825103001_13342125/ <![CDATA[RNS press release - Result of Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170821125641_13336679/ Mon, 21 Aug 2017 12:56:41 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170821125641_13336679/ <![CDATA[News - Scotgold Resources submits revised Cononish application; eyeing decision by end of year ]]> http://www.proactiveinvestors.co.uk/companies/news/182668/scotgold-resources-submits-revised-cononish-application-eyeing-decision-by-end-of-year-182668.html Scotgold Resources Ltd (LON:SGZ) hopes to get a decision on its revised plans for  the Cononish Gold and Silver project by the end of the year.

The application for the operation has now been received and validated by the Loch Lomond and Trossachs National Park Planning Authority, firing the starting gun on the statutory determination period.

There are several elements but at its core is a development of an underground gold mine with processing facilities.

READ: Scotgold shares jump as it agrees first sales to jewellery industry Exploring financing options

The firm is also applying for permission for a site drainage system including discharge to the River Cononish and a new bridge over the Crom Allt at the Dalrigh ford.

Two key differences between this application and the previously permitted operation are a redesigned Tailings Storage Facility.

Also, a phasing of the project, allowing for a lower capital first production phase followed by a subsequent expansion to currently permitted production levels.

READ:Scotgold to push ahead with projects in France and Portugal

Scotgold chief executive Richard Gray said "The revisions made to the project in this application offer significant advantages, both in terms of environmental impacts and economics with the peak funding requirement reduced from £18.5M to £7.4M.

"In parallel to the permitting process we are continuing to examine the financing options now available."

Shares eased 0.49% to 0.410p.

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Fri, 18 Aug 2017 12:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182668/scotgold-resources-submits-revised-cononish-application-eyeing-decision-by-end-of-year-182668.html
<![CDATA[RNS press release - Planning Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170818112048_13335004/ Fri, 18 Aug 2017 11:20:48 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170818112048_13335004/ <![CDATA[RNS press release - Share Consolidation and Notice of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170721091752_13303280/ Fri, 21 Jul 2017 09:17:52 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170721091752_13303280/ <![CDATA[RNS press release - Director dealing ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170719070004_13299749/ Wed, 19 Jul 2017 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170719070004_13299749/ <![CDATA[RNS press release - Issue of equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170704164110_13283914/ Tue, 04 Jul 2017 16:41:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/2677/LSE20170704164110_13283914/