A further £150,000 remains outstanding from a participant in the placing element of the fundraising, the group added in a statement. The company has received some money from the investor in question, however, and said it “reasonably expects settlement in full” on the basis of assurances given to it by its broker Brandon Hill Capital.
The relevant shares have been issued and allotted, but not yet allocated to the placee.
Given the current restrictions on operations and movement as a result of the coronavirus pandemic, the company said it is undertaking limited exploration work at the current time and expenditure is being kept to a minimum.
As such the continued delay in settlement of the remaining £150,000 will not have a material impact on its working capital position or operational activities of the company, assuming the funds are forthcoming in a reasonable timeframe.