Conroy Gold raises ?0.3m through placing and subscription

(Sharecast News) - Ireland and Finland-focussed gold exploration and development company Conroy Gold and Natural Resources announced the successful placing of 2,083,333 ordinary shares at a price of 12p each on Tuesday, to raise ?0.25m before expenses.
The AIM-traded firm said the placing was arranged by its broker, Brandon Hill Capital.

It had also undertaken a subscription of 437,500 ordinary shares at a price of 12p each, to raise ?52,500.

The placing and the subscription were subscribed for by certain existing shareholders and new investors, the board said.

It added that the net proceeds of the placing and the subscription would be used to undertake further exploration work at Clontibret, Clay Lake and Glenish along the Orlock Bridge Fault in Ireland, and for general working capital purposes.

"The company intends to provide further details on its 2020 work programme in due course following receipt of funds from the placing and the subscription and the preparation and approval of a detailed budget," the board said in its statement.

Each subscriber to the placing and subscription would receive one warrant for each placing or subscription share, Conroy added, giving them the right to subscribe for one new ordinary share at an exercise price of 16p each, for nine months from admission.

In addition, Brandon Hill Capital would receive 114,583 warrants.

At 1029 GMT, shares in Conroy Gold and Natural Resources were down 15% at 11.9p.