Planned Appointment of Administrators

Scotgold Resources Ltd

22 November 2023

 

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

22 November 2023

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

Planned Appointment of Administrators

On 7 November, the Company announced that it was considering the appointment of Administrators over the coming days.

The board are continuing to work with advisors and expect to proceed with an administration process for SGZ Cononish Limited soon.

In addition, Bridge Barn, who are the secured creditor over the assets of SGZ Cononish Limited have notified the Company that they enforced their rights under the loan agreement signed on 17 May 2018. These include rights over the shares held by the Company in SGZ Grampian Limited.

SGZ Cononish Limited and SGZ Grampian Limited represent the only substantive assets of the Company and as such the board are also exploring the appointment of administrators in Australia over Scotgold Resources Limited.

Further announcements will be made in due course.

**ENDS**

Scotgold Resources Limited Sean Duffy, interim CEO and CFO	Via Celicourt Communications
Shore Capital (Nomad and Broker) Toby Gibbs / Tom Knibbs	Tel [phone]
Celicourt Communications (Financial PR) Felicity Winkles / Ariana Fanning	Tel [phone]

 

END