Gold miner sparkles as final funding completes
The business aiming to launch Scotland’s first commercial gold mine has raised the final tranche of development funding, amounting to seven figures, in what it says is a “momentous” occasion for the company. Aim-quoted Scotgold Resources said it had been seeking a final round of development funding after receiving planning permission regarding the Cononish mine near Tyndrum.
This funding has now been completed, with £9 million raised through a combination of equity and secured debt, including about £4m from a share placing. Scotgold said it has sufficient funds to build the Cononish gold mine, carry out a planned exploration programme and meet ongoing working capital needs.
Chief executive Richard Gray said: “This is a momentous occasion for the company and for gold production in Scotland.” He also said he looks forward to “the next exciting chapter” in Scotgold’s development”.