NON-RENOUNCEABLE RIGHTS ISSUE

RNS Number : 8561V

Scotgold Resources Ltd

09 November 2010

 



9 November 2010

Scotgold Resources Limited ("Scotgold" or the "Company")

NON-RENOUNCEABLE RIGHTS ISSUE - OVERSUBSCRIBED

The Directors of Scotgold are pleased to announce that the Non-Renounceable Rights Issue closed on 3 November 2010 with eligible shareholders applying to take up 178% of the Rights Issue.

The Company advises that it received entitlement acceptances for 20,505,000 shares (70%) from eligible shareholders, together with applications for additional shares of 31,350,000 (108%).

The Company will allocate the shortfall shares in the manner described in Section 1.9 of the prospectus.

Funds raised from the rights issue totaled $1,020,000.

It is anticipated that the allotment and issue of shares and free attaching options, and dispatch of holding statements will take place on 11 November 2010.

The Company is pleased with the level of shareholder support and thanks the shareholders who participated in the rights issue.

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 /Louise Mason
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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