Update on sale of French Subsidiary

RNS Number : 2813S

Scotgold Resources Ltd

22 June 2018

 

22 June 2018

Scotgold Resources Limited

("the Company" or "Scotgold")

Update on sale of French Subsidiary

The Company wishes to update the market on the status of the sale of its French subsidiary, as announced on 15 March 2018 ("the Transaction"). The sale is conditional upon the parties receiving satisfactory acknowledgement from the Minerals Resources Office of the Ministry for Economy and Finance of France, that the transfer of shares is acceptable. The Company has not yet received such acknowledgement and until such time as acknowledgement is received and the contract for sale of the French subsidiary becomes unconditionally enforceable, there must exist some uncertainty that the sale will conclude, or that it will conclude on the terms agreed.

The Company will continue to pursue a conclusion to the Transaction, however, the directors consider that the Transaction is not material in relation to the Company's operations and it does not affect the current focus of the Company to develop the Cononish gold mine project. This update announcement is made in the interests of continuous and transparent disclosure and will be updated further as circumstances become more clear.

Market Abuse Regulation (MAR) Disclosure

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 -

Scotgold Resources Limited Richard Gray	Tel: [phone]
SP Angel Corporate Finance LLP Nomad and Joint Broker Ewan Leggat / Charlie Bouverat	Tel [phone]
Smaller Company Capital Ltd Joint Broker Rupert Williams	Tel: [phone]
Capital Markets Consultants Financial PR Simon Rothschild	Tel: [phone]

 

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