Scotgold Resources Ltd - gold and silver explorer and producer in Scotland - Agrees to settle short-term loan funding provided by some company directors through the issue of 3.3 million shares at a price of 60.58 pence each.
Looking ahead, expects operations to achieve targets for September, as process plant at Cononish set to produce between 50 and 75 tonnes of concentrate.
"The agreement of this short-term loan in May came at a time when the management were addressing a number of operational challenges as part of the ramp up of our Cononish Gold-Silver Mine in Scotland, with the funds used judiciously to continue this process with a view to achieving targeted design processing capacity," said Chief Executive Officer Phillip Day.
"Today's settlement and conversion is an important development for Scotgold, and I look forward to continuing this forward momentum by building on our operational successes and enhancing our financial performance over the coming months," Day added.
Current stock price: 86.00 pence, up 4.2%
Year-to-date change: down 13%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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