Rights Issue

RNS Number : 8808K

Scotgold Resources Ltd

22 July 2011

 



22 July 2011

SCOTGOLD RESOURCES LIMITED

Non-Renounceable Rights Issue

Scotgold Resources Limited (ASX/AIM: SGZ) ("the Company") is pleased to announce a pro-rata non-renounceable rights issue of fully paid ordinary shares in the capital of the Company ("the Shares") on the basis of one (1) Share for every five (5) Shares held at the record date of 4 August 2011 ("the Rights Issue").   The Offer Document setting out the terms of the Rights Issue is available on the Company's website at www.scotgoldresources.com.au.

Shares under the Rights Issue will be offered at 5 cents per Share. The maximum number of Shares which may be issued under the Rights Issue is 32,260,882 to raise $1,613,000 (based on the current capital structure of the Company)

Shares issued under the Rights Issue will rank equally with existing Shares and the Company will apply for admission of the Rights Issue Share to both the ASX and AIM.

Option holders are not entitled to participate in the Rights Issue without first exercising their options to be registered as a Shareholder on the Record Date, in accordance with the terms and conditions of the Options.

The proposed timetable for the Rights Issue is as follows;

Event	Date
Announcement of Rights Issue and Appendix 3B, First Cleansing Notice and Offer Document lodged with ASX	22 July 2011
Notice Sent to Security Holders	27 July 2011
Ex Date (date from which securities commence trading without the entitlement to participate in the Rights Issue)	28 July 2011
Record Date (date for determining entitlements of Eligible Shareholders to participate in the Rights Issue)	4 August 2011
Offer Document Dispatched to Shareholders (expected date of dispatch of Offer Document, Entitlement and Acceptance Forms)	8 August 2011
Rights Issue Opens	8 August 2011
Closing Date* 5pm (WST)	23 August 2011
ASX Notified of Undersubscriptions	26 August 2011
Allotment Date**	31 August 2011
Second Cleansing Statement lodged with ASX (under section 708A (5))	31 August 2011
Dispatch Holding Statements**	31 August 2011

*Subject to the Australian Listing Rules, the Directors reserve the right to extend the Closing Date for the Offer at their discretion.  Should this occur, the extension will have a consequential effect on the anticipated date of issue for the Securities

** Dates are indicative only

The Company intends to apply the funds raised from the Rights Issue as follows;

a)                     Meet costs on the Offer,

b)                     Progress on the Company's Projects, and

c)                     General Working Capital.

For further information please contact:

United Kingdom:

Scotgold Resources Limited	Westhouse Securities Limited	Bankside Consultants
John Bentley (Chairman) Chris Sangster (CEO)	Richard Baty / Petre Norton	Simon Rothschild
Tel: [phone]	Tel: [phone]	Tel [phone]

Australia:

Scotgold Resources Limited	Professional Public Relations
Shane Sadleir (Non-Executive Director)	Karen Oswald
Tel:       [phone] Mobile: [phone]	Tel:       [phone] Mobile: [phone]

 

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