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Scotgold Resources raises £9M for Cononish gold mine

Scotgold Resources Ltd. announced May 18 that it raised £9 million through a combination of equity and secured debt. Added to existing cash reserves, the group believes that it is sufficiently funded to build the Cononish gold-silver mine in Scotland, conduct planned exploration and cover its ongoing working capital needs.

It raised approximately £4 million through an oversubscribed placing and subscription of 14.5 million new shares at 27.5 pence each and agreed a £5 million new loan with Chairman and substantial shareholder Nathaniel LeRoux. Of the loan proceeds, £1 million will be used to repay the existing loan from the chairman.

Once up and running, Cononish is expected to produce on average approximately 23,500 equivalent ounces of gold per annum.