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Scotgold Resources chairman transfers option rights to Jersey-based group

Nat Le Roux already owns almost 50% of the Scottish gold miner
Cononish is in the Trossachs

Scotgold Resources Limited’s (LON:SGZ) chairman and major shareholder Nat Le Roux has transferred a batch of options to Rhodara, a Jersey-based investment company for a nominal sum.

Le Roux informed the Scottish gold miner that due to his current holding being almost 50% he was unlikely to take up the options, which are for over 1.745mln shares and exercise at 40p.

Rhodora represents a wide group of investors who are keen to pay a significant part in the development of Scotland's gold mining industry, said today's statement.

The options were originally non-transferable and issued alongside a rights issue in December 2017.

They are the equivalent of around 7% of the shares in issue and if exercised in full would raise around £700,000 at a time when Scotgold will be considering the acceleration of the development of Phase 2 at Cononish said Richard Gray, chief executive.

“This transaction not only greatly increases the likelihood that a substantial proportion of the options will be exercised, but also has the potential to bring on board a strategic investor who shares the company's vision for a Scottish gold mining industry"

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