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SolGold plc down as it issues shares

Shares in SolGold plc went lower on Tuesday as it unveiled a discounted share issue to raise over £3mln.
SolGold plc down as it issues shares
SolGold is exploring for gold and copper in Ecuador...

Shares in SolGold plc (LON:SOLG) went lower on Tuesday as it unveiled a discounted share issue to raise over £3mln.

The share issue was used to cover various things, including amounts owed to directors and employees, converting outstanding loan notes, and to the firm's drill contractor.

In total, over 131 million shares were issued at 2.3p each - 80% of the previous five day volume-weighted average price, the explorer said.

The total consideration raised was around £3.017mln, or A$5.74mln.

The firm said 5.6mln shares have been issued to its directors and 35.4 million to employees, consultants and service providers to the company.

In addition, a total of around 50.2mln new shares have been issued to DGR Global and Tenstar from the conversion of all the convertible notes held by them.

In addition, over 2.14mln new shares have been issued to DGR Global and Tenstar in lieu of interest due to them in connection with the convertible notes.

DGR Global has also provided SolGold with loans amounting to around £805,803 which it has elected to convert into around 35mln shares at 2.3p per share.

SolGold shares lost over 18% to stand at 3p each.

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June 22 2016

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