Scotgold Resources, which last week replaced its chairman and chief executive, recorded a welcome rise in its cash position during the first quarter of its new financial year to September 30.
Cash rose from Australian $640,857 to A$670,220, following the previous quarter when it fell from A$1.1 million. The Australian miner, which plans to extract gold and silver from the Trossachs, at Cononish, near Tyndrum, had estimated a cash burn of A$400,000 in the first quarter and it came in at A$400,744. It raised $A1m from borrowings but repaid almost £860,000, and A$375,000 from a share issue. The statement shows the company incurred costs of almost A$90,000 on issuing the shares, leaving a net financing flow of A$427,106.
Last week executive chairman John Bentley was replaced by non-executive chairman Sandy Littlejohn, chief executive Chris Sangster became non-executive and was replaced by Richard Gray, and board seats were claimed by two major investors Nathaniel Le Roux and Richard Harris who hold over 20 per cent of the shares between them.
Scotgold promised to expand exploration and create a pipeline of new projects.
The shares were under pressure again yesterday, easing 0.02p to 0.4p.
The quarterly statement shows an expected cash outflow in the current quarter of A$600,000.
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