TIDMSGZ
RNS Number : 0745Q
Scotgold Resources Ltd
16 February 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN
THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY
MEMBER STATE OF THE EEA, OR ANY OTHER JURISDICTION WHERE, OR TO ANY
OTHER PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE A VIOLATION OR
BREACH OF ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE
IMPORTANT NOTICE AT THE OF THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF EU REGULATION 596/2014 WHICH FORMS PART OF DOMESTIC LAW IN THE
UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.
For immediate release
16 February 2023
Scotgold Resources Limited
("Scotgold" or the "Company")
Result of Retail Offer
Successful Capital Raising of GBP3.0 million (US$3.6
million)
Further to the announcement dated 9 February 2023, Scotgold
Resources Limited (AIM: SGZ), Scotland's first commercial gold
producer , is pleased to announce that, following the closing of
the Retail Offer on the BookBuild Platform on 15 February 2023,
1,178,460 Ordinary Shares will be issued at a price of 40 pence per
Retail Offer Share in connection with the Retail Offer.
Following the closing of the Retail Offer, 4,815,000 Placing
Shares, 1,435,000 Subscription Shares, and 1,178,460 Retail Offer
Shares, resulting in a total of 7,428,460 new Ordinary Shares will
be issued in relation to the Placing, Subscription and Retail
Offer, raising total gross proceeds of GBP3.0 million (US$3.6
million) .
Capitalised terms used in this announcement have the meaning
given to them in the launch announcement, unless otherwise defined
in this announcement.
Application has been made for the Placing Shares, Subscription
Shares, and Retail Offer Shares to be admitted to trading on AIM
("Admission"). Admission is expected to take place at 8.00 a.m. on
17 February 2023.
Following the Admission, the total number of Ordinary Shares in
the capital of the Company in issue will be 67,101,751 with each
Ordinary Share carrying the right to one vote. There are no
Ordinary Shares held in treasury and therefore the total number of
voting rights in the company is expected to be 67,101,751. The
above figure may be used by Shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the FCA's
Disclosure, Guidance and Transparency Rules.
Enquiries:
Scotgold Resources Limited Via Celicourt Communications
Phil Day, Chief Executive Officer
Shore Capital Stockbrokers Limited (NOMAD,
Broker, Sole Bookrunner)
Toby Gibbs / John More/ Tom Knibbs +44 207 408 4050
Celicourt Communications (Financial PR)
Felicity Winkles +44 774 8843 871
Bookbuild
Paul Brotherhood/ Marc Downes
support@bookbuild.live
Notes
Scotgold Resources Ltd (AIM:SGZ), is Scotland's first commercial
gold producer. The Company poured first gold in November 2020 at
its Cononish Gold and Silver Mine ('Cononish) in Tyndrum, Scotland
and is developing it into a +23,500-ounce gold mine per annum.
Cononish is a high-grade underground mining operation with a
central processing plant producing gold concentrate for off-take
and gold doré for the Scottish Jewellery industry. The mine has
anticipated forecast operating costs of c.GBP610 per ounce in Q4
2023, which will place Cononish in the lowest quartile of gold
mining operations globally.
It is Scotgold's vision to build a mid-tier gold mining company
in Scotland with multiple operations in the country that enhance
the local environment and economy in ways that have an enduring
positive impact.
Important Notices
The content of this announcement has been prepared by, and is
the sole responsibility of, the Company.
This announcement and the information contained herein is not
for release, publication or distribution, directly or indirectly,
in whole or in part, in or into or from the United States
(including its territories and possessions, any state of the United
States and the District of Columbia (the "United States" or "US")),
Australia, Canada, Japan, the Republic of South Africa, any member
state of the EEA or any other jurisdiction where to do so might
constitute a violation of the relevant laws or regulations of such
jurisdiction.
The Retail Offer Shares have not been and will not be registered
under the US Securities Act of 1933, as amended (the "US Securities
Act") or under the applicable state securities laws of the United
States and may not be offered or sold directly or indirectly in or
into the United States or to or for the account or benefit of any
US person (within the meaning of Regulation S under the US
Securities Act) (a "US Person"). No public offering of the Retail
Offer Shares is being made in the United States. The Retail Offer
Shares are being offered and sold outside the United States in
"offshore transactions", as defined in, and in compliance with,
Regulation S under the US Securities Act. In addition, the Company
has not been, and will not be, registered under the US Investment
Company Act of 1940, as amended.
This announcement does not constitute an offer to sell or issue
or a solicitation of an offer to buy or subscribe for Retail Offer
Shares in the United States, Australia, Canada, New Zealand, Japan,
the Republic of South Africa, any member state of the EEA or any
other jurisdiction in which such offer or solicitation is or may be
unlawful. No public offer of the securities referred to herein is
being made in any such jurisdiction.
The distribution of this announcement may be restricted by law
in certain jurisdictions and persons into whose possession any
document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any
failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.
Shore Capital is authorised and regulated in the United Kingdom
by the FCA. Shore Capital is acting exclusively for the company and
no one else in connection with the placing, and Shore Capital will
not be responsible to anyone other than the Company for providing
the protections afforded to its clients, nor for providing advice
in connection with the Retail Offer, Admission and the other
arrangements referred to in this announcement.
The value of Ordinary Shares and the income from them is not
guaranteed and can fall as well as rise due to stock market and
currency movements. When you sell your investment, you may get back
less than you originally invested. Figures refer to past
performance and past performance is not a reliable indicator of
future results. Returns may increase or decrease as a result of
currency fluctuations.
Certain statements in this announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts. These forward-looking statements, which may use
words such as "aim", "anticipate", "believe", "intend", "estimate",
"expect" and words of similar meaning, include all matters that are
not historical facts. These forward-looking statements involve
risks, assumptions and uncertainties that could cause the actual
results of operations, financial condition, liquidity and dividend
policy and the development of the industries in which the Company's
businesses operate to differ materially from the impression created
by the forward-looking statements. These statements are not
guarantees of future performance and are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those expressed or implied
by such forward-looking statements. Given those risks and
uncertainties, prospective investors are cautioned not to place
undue reliance on forward looking statements.
These forward-looking statements speak only as at the date of
this announcement and cannot be relied upon as a guide to future
performance. The Company and Shore Capital expressly disclaim any
obligation or undertaking to update or revise any forward-looking
statements contained herein to reflect actual results or any change
in the assumptions, conditions or circumstances on which any such
statements are based unless required to do so by the FCA, the
London Stock Exchange or applicable law.
The information in this announcement is for background purposes
only and does not purport to be full or complete. None of Shore
Capital, or any of its affiliates, accepts any responsibility or
liability whatsoever for, or makes any representation or warranty,
express or implied, as to this announcement, including the truth,
accuracy or completeness of the information in this announcement
(or whether any information has been omitted from the announcement)
or any other information relating to the Company or associated
companies, whether written, oral or in a visual or electronic form,
and howsoever transmitted or made available or for any loss
howsoever arising from any use of the announcement or its contents
or otherwise arising in connection therewith. Shore Capital and its
affiliates accordingly disclaim all and any liability whether
arising in tort, contract or otherwise which they might otherwise
be found to have in respect of this announcement or its contents or
otherwise arising in connection therewith.
Any indication in this announcement of the price at which the
Ordinary Shares have been bought or sold in the past cannot be
relied upon as a guide to future performance. Persons needing
advice should consult an independent financial adviser. No
statement in this announcement is intended to be a profit forecast
and no statement in this announcement should be interpreted to mean
that earnings or target dividend per share of the Company for the
current or future financial years would necessarily match or exceed
the historical published earnings or dividends per share of the
Company.
Neither the content of the Company's website (or any other
website) nor the content of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into or forms part of this announcement. The Retail Offer Shares to
be issued or sold pursuant to the Retail Offer will not be admitted
to trading on any stock exchange other than the London Stock
Exchange.
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END
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