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Scotgold Resources (SGZ)

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Tuesday 09 October, 2018

Scotgold Resources

Subscription to raise £750,000

RNS Number : 3512D
Scotgold Resources Ltd
09 October 2018




09 October 2018


Scotgold Resources Limited

("Scotgold" or the "Company)


Subscription for Shares


The Company is pleased to advise that it has raised £750,000 by way of a direct subscription for 2,727,274 new ordinary shares of no par value ("Ordinary Shares") at a price of 27.5 pence per share (the "Subscription"). The Subscription price represents a 15% premium to the closing mid-market price of 24 pence per share on 08 October 2018.



Mr William Styslinger, a Non-Executive Director of the Company, and Ms Jane Styslinger have each subscribed for 1,363,637 Ordinary Shares at a price of 27.5 pence per share, raising a total of £750,000.


Ms Styslinger is considered to be an "associate" of Mr William Styslinger as defined by the AIM Rules for Companies. Following this total subscription for 2,727,274 shares, William Styslinger will have a beneficial interest in 4,717,829 Ordinary Shares, representing approximately 10.33% of the enlarged ordinary share capital of the Company.


The Company has always maintained that the future growth in value of the Company lies in its successful exploration of its extensive Grampian exploration licences, lying immediately contiguous to and around the Cononish mine. The funds raised from this subscription will be used for the funding of the next phase of Grampian exploration programme and other corporate activities.

Related Party Transaction: 


William Styslinger is a related party to Scotgold as defined in the AIM Rules for Companies and the Director Subscription is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies.


Accordingly, the board of Scotgold, excluding William Styslinger who is precluded from opining, consisting of: Nathaniel ("Nat") le Roux, Richard Gray, Christopher Sangster, Philip Jackson, Richard Barker, and Peter Hetherington, having consulted with SP Angel, the Company's nominated adviser, consider that the terms and conditions of the Director Subscription are fair and reasonable insofar as the shareholders of the Company are concerned.

Application for admission:


Application is being made for the 2,727,274 new Ordinary Shares to be admitted to trading on AIM ("Admission") and Admission is expected to take place on or around 17 October 2018. 


Following Admission, the Company's enlarged issued share capital will comprise 45,638,859 Ordinary Shares with voting rights. The Company does not hold any shares in treasury, therefore the total number of shares in the Company with voting rights will be 45,638,859. This 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 in their interest in, the share capital of the Company.




Details of the person discharging managerial responsibilities/person closely associated


Full name of person Dealing

William Styslinger


Reason for notification



Non-Executive Director


Initial notification/ Amendment

Initial notification


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor


Name of entity

Scotgold Resources Limited





Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted


Description of the financial instrument, type of instrument

Ordinary Shares of No Par Value


Identification code



Nature of the transaction

Subscription for shares


Price(s) and volume(s)



27.5  pence




Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above



27.5 pence




Date of transaction

08 October 2018


Place of transaction

Outside a trading venue


Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information please contact:

Scotgold Resources Limited

Richard Gray


Tel: +44 (0)1838 400 306

SP Angel Corporate Finance LLP

Nomad and Joint Broker

Ewan Leggat / Charlie Bouverat


Tel +44 (0) 20 3470 0470

Smaller Company Capital Ltd

Joint Broker

Rupert Williams


Tel: +44 (0)20 3651 2911

Capital Markets Consultants

Financial PR

Simon Rothschild

Tel: +44 (0) 7703 167065


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit

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