Scotgold Resources Ltd (LON:SGZ) said some of its directors and an unrelated third party have provided it with a short-term loan of £2mln.
The lenders include non-executive chairman Nathaniel le Roux, three non-executive directors and an unrelated third party holding a 3.35% stake in the company.
On April 30, Scotgold said that certain directors of the company were proposing to lend it £2mln in a deal likely to be finalized by the end of May. Recent delays to the production ramp-up at its Cononish gold mine in Scotland have had a negative impact on the company's cash position.
READ: Scotgold releases interim results, announces £2mln director loan
There is no interest payable on the six-month loan, which will be drawn down in two equal tranches.