(Alliance News) - Conroy Gold & Natural Resources PLC on Friday said it is still awaiting settlement from the placee for its shares.
Back in February, the mineral exploration company launched placing & subscription to raise GBP302,500 before expenses.
As of Friday, the company it still has a balance of GBP150,000 outstanding for settlement from one of its placee.
Looking ahead, Conroy said it reasonably expects to receive this settlement in full, however, it noted that there remains a material risk that the full funds may not be received, given current economic uncertainties.
Turning to operations, the company said it is undertaking limited exploration work at the current time amid Covid-19 and expenditure is being kept to a minimum.
As such the company said it does not believe that the continued delay in settlement of the remaining GBP150,000 from the placee will have a material impact on its working capital position or operational activities assuming the funds are forthcoming in a reasonable time frame.
AIM-listed Conroy shares closed 8.6% higher in London on Friday at 9.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Conroy Gld&nres (CGNR)