News blog
Scotgold Resources Ltd
- BY: Andrew Hore |
- POSTED: 19/01/2011 |
Scotgold Resources Ltd is raising £616,000 from Kenglo One.
The issue price is 4.25p a share and that has prompted a 0.63p rise in the share price to 4.88p. The current share capital is valued at £7.15m.
Jersey-based Kenglo One is an investment company with stakes in Aim-quoted Galantas Gold and former Aim company TomCo Energy. Kenglo One will own 9% of Scotgold and has agreed to hold the shares for at least 12 months.
In November, Scotgold raised A$1.02m from a rights issue at A$0.035 a share. The issue was oversubscribed.
Just before Christmas, Scotgold submitted a revised application for planning permission for the Canonish gold and silver project, having discussed matters with the planning authority. The original application was rejected due to problems with its visual impact. The latest decision could be made in the third quarter of 2011.
At a gold price of $1,270/ounce the project could generate cash of $87m (£55m) over its life.
Scotgold is also exploring in the Beinn Udlaidh area, which is in the nearby area.
Download the January edition of AIM Journal at http://www.hubinvest.com/AIMPDFJanuary2011_16.pdf
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