SCOTGOLD Resources, the gold miner targeting the Cononish prospect in Argyll, has announced that investors Nat le Roux and Richard Harris have been handed the right to appoint a director within six months of a second share placing being complete.

Mr le Roux, the former boss of spread betting firm IG Group, is the major investor among three who agreed to take a significant shareholding in Scotgold earlier this year.

Phase one of the staged agreement saw the investors subscribe to 60 million of the 90 million shares to raise (AUS)$675,000 (£373,000) in an immediate placing, with the balance then raising (AUS)$225,000 through a wider placement.

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Mr le Roux took a 7.8 per cent stake and Mr Harris 4.2 per cent in the initial fundraising. The investors have also committed to a further placing, which would take their total investment to A$1,825,000, as well as convertible note issue.

Scotgold announced an agreement had been reached to extend the provision for the issue of the convertible notes to July 30 from June 30.

The company also told investors yesterday that South African bank RMB Resources is seeking the permission of its investment committee to extend the term of the £1.5 million loan it provided Scotgold by 30 days, by which time an extraordinary general meeting will have been held.

The bank is also seeking to further extend the term of the loan to December 31, 2015, if the EGM approves the proposed funding from Mr le Roux and investors.