Scotgold raise to fund next exploration stage

The company aiming to launch Scotland’s first commercial gold mine has raised £750,000 as it edges closer to pushing the button on the facility in the Highlands.

The firm, which is quoted on the Alternative Investment Market, said it raised the sum via a direct subscription by a non-executive director and associate for 2,727,274 new ordinary shares at 27.5 pence each.

Scotgold said the subscrip- tion price represents a 15 per cent premium to the closing mid-market price of 24 pence per share on Monday.

The capital raised will be used for the funding of the next phase of its Grampian exploration programme and “other corporate activities”.

The company recently revealed that it had widened its annual pre-tax losses, while also stressing that operationally its immediate focus remains the development of the advanced-stage Cononish Gold and Silver Project near Tyndrum.