Scotgold Resources Ltd signs debt financing agreement

Scotgold is seeking to borrow up to £3m from a syndicate of wealthy investors

Scotgold Resources Ltd said it had signed a deal with Swiss wealth manager Fern Wealth GmbH to secure a £3million loan from wealthy investors to fund an upgrade at its main Scottish gold mine.

Scotgold said the money will fund plans to increase the rate of gold production at the Cononish mine to around 23,500 ounces per year by the end of the first quarter of 2023.

Last month the company opened a second cut at the Cononish mine in Argyll, transforming the amount of gold it produces.

READ: Scotgold hails pivotal moment at Cononish mine

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