Tyndrum miner seeks cash from marts
Scotgold Resources, the firm behind controversial plans to open a gold mine in the Loch Lomond and Trossachs National Park, yesterday announced a rights issue to raise up to A$1million (£600,000) to support its exploration programme.
The news came just days after it revealed losses had almost doubled in the past year as it continues to face major delays to its proposed project near Tyndrum. Investors taking part in the right issues will receive one share for every four held at an issue price of A$0.035 for each share.
The firm, which is listed on both the Australian and London stock exchanges, saw losses widen to A$1.14m from A$600,000 during the year to 30 June.
It had hoped to start production at Tyndrum this year but has so far been refused planning permission.