GreenOre seeks drilling cash
Gold explorer GreenOre Gold is seeking to raise £600,000 to explore for gold in rural Scotland. The initial focus is the historic Kerry Road deposit, near Gairloch. The other exploration areas are n Aberdeenshire, Ayrshire and new Lock Tay.
There was exploration drilling at the Kerry Road deposit in the 1970s when there were traces of gold, zinc and copper. The results of the drilling were not good enough to continue because of low metal prices at that time.
GreenOre believes that the deposit is much bigger than previously thought. Drilling is required to confirm this, though.
Executives at Crowdcube, Seedrs and Syndicate Room are taking pay cuts of up to 25%. There has been a downturn in activity at crowdfunding sites, but there are signs that this is moving back to former levels.
AIM-quoted SRT Marine Systems has used PrimaryBid to raise £302,000 at 25p a share. The minimum subscription was £100. Along with a placing, the total raised from share issues by the maritime surveillance and tracking systems developer was £1.8m with a further £1m raised through loan notes. SRT has also applied for a £4.5m bank facility to help it through the COVID-19 pandemic. SRT would be able to cope with a slowdown in business for a 12-month period. In the year to March 2020, group revenues were £18.8m. Contracts have been delayed.
Energy drink company Fud has decided to go for crowdfunding rather than accept a Dragons’ Den offer from Peter Jones. He offered £50,000 for a 30% stake, but it was turned down. The crowdfunding via Seedrs raised more than £100,000 in return for a stake of just over 7%.
Different Dog has raised nearly £2m via crowdfunding platform Seedrs. The dog food subscription service initially sought £750,000. The dog food is cooked by hand using fresh natural ingredients that could be sold to humans but do not, for instance, conform to the expect shape for a vegetable, even though they are as good as the more conventional products. The service was launched in 2018 and has 740 subscribers, which increased significantly after promotion at Crufts. The pre-money valuation was £2.5m.
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