🕐21.10.09 - 03:16 Uhr

Scotgold raised $3.2M for development of Grampian Gold Project



ASX Announcement: Scotgold Resources (ASX: SGZ) 21 October 2009 SCOTGOLD RAISES $3.2 MILLION Capital used to complete feasibility study; seek to extend gold resources at Cononish; explore at Beinn Udlaidh Scotgold Resources Limited (ASX:SGZ) has agreed with Patersons Securities Limited (Patersons) to raise $3,200,000 by the placement of 29,090,910 ordinary fullypaid shares in Scotgold, at 11 cents per share. The proceeds of the placements will be used as follows: - to assist in completion of a bankable feasibility study for the development of Scotgolds proposed Cononish gold and silver mine at Cononish in Scotland; - to seek to extend the Companys JORC compliant mineral resources by drilling recently identified targets at Cononish; - to further explore the recent gold and silver discovery at Beinn Udlaidh, 5km NNW of Cononish; and - for general working capital for exploration and development within the greater Grampian Gold Project.
The placement consists of two tranches.

The first is the placement of 10,900,000 shares, which does not require shareholder approval (not exceeding 15% of the Companys capital) and the second will, subject to shareholder approval at the companys Annual General Meeting on 24 November 2009, be for an additional 18,190,910 shares. Patersons will act as sole and exclusive Lead Manager to the placement for a fee of $25,000 plus a Management fee of 1% of the gross amount raised and a Placement fee of 4% of te gross amounts raised, the shares will be placed with sophisticated and professional investors.
The directors have resolved, subject to shareholder approval, to issue a total of 900,000 fully paid ordinary shares to Mr John Bentley, a director of the Company.

This placement of shares will form part of the second tranche of the placement by Patersons referred to above and will be at the same price as the placement to sophisticated and professional investors.
To view the full ASX announcement please click here. http://esp.gewru.com/download/files/12414/965125/Cap%20raising%2021%20oct%2009.pdf For further information please contact: Shane Sadlier Non-Executive Director Scotgold Resources Limited Lindsay Street, Perth WA Tel: +61 (8) 9428 2950 Mobile: +61 (0) 411 704 498 E: Melanie Gray Professional Public Relations Tel: 08 9388 0944 / 0423 602 353 E:
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