Precious metals prospector Scotgold has revealed that just a third of stock offered in a £3.4 million rights issue was taken up.
The firm, which continues to progress plans for a gold and silver mining operation at Cononish near Tyndrum in Loch Lomond and Trossachs National Park, said it had received applications to subscribe for a total of $1.16m of shares.
The figure represents just 34% of the total available, but the shortfall will be made up by two directors Nat le Roux and Alexander Littlejohn who agreed to fully underwrite the rights issue.
Mr le Roux will subscribe to a further 281.8m shares and increase his overall stake in the business from 22.9% to more than 40%.
Mr Littlejohn will take on a 96.6m shares tranche, increasing his holding in the company from 0.5% prior to the offer to 8.5%.
Between them, the duo will control 48.7% of the total issued share base after completion of the underwriting process.
Shares in Scotgold closed yesterday unchanged at 0.38p.