Aim-listed Scotgold has raised £750 000 by way of a direct subscription for 2 727 274 new ordinary at 27.5p each, to fund the further exploration of licences adjacent to its Cononish mine, in Scotland.
The funds were raised from nonexecutive director William Styslinger and Jane Styslinger, who have each subscribed for 1 363 637 shares.
Following the subscription, William Styslinger will have a beneficial interest of about 10.33% of the enlarged ordinary share capital of the company.
The Grampian licences are immediately contiguous to and around the Cononish mine.
Scotgold traded at 22.5p a share on Tuesday, up 5% on the previous day’s closing price.