Fox Williams advised AIM-listed Scotgold Resources Limited on its recent £2.65 million debt and equity fundraising, which completed on 28 August 2019.
The funding, which comprised an extension to the existing Bridge Barn Loan facility by £1.5m and the subscription of 3,285,783 depositary interests of no par value in the Company (“New Ordinary Shares”) at an issue price of 35 pence per New Ordinary Share to raise approximately £1.15 million, will be used primarily to progress the Cononish gold and silver mine project in Scotland.
The Fox Williams team comprised Head of Corporate Richie Clark, Corporate / Banking Partner Paul Taylor and associate Priya Mattu.
Richie Clark said: “We were delighted to assist Scotgold on this transaction. The fundraising comes at a very exciting time for Scotgold, with first gold production now expected at the end of February 2020 and significantly improved returns demonstrated following a re-estimation of the life of mine model”.