Conroy Gold shares fall as firm launches GBP1.5 million placing

(Alliance News) - Conroy Gold & Natural Resources PLC on Friday launched a non-brokered private placement to raise up to GBP1.5 million to support exploration at its Irish gold projects and for general working capital.

Shares in Conroy Gold & Natural Resources were down 11% at 10.02 pence in London on Friday morning.

The Ireland and Finland-focused gold exploration and development company said the offer is priced at 10 pence per share, a 6.2% premium to the 10-day volume-weighted average price but an 11% discount to Thursday's mid-market closing price.

Each unit will include one new ordinary share and a warrant exercisable at 17p within two years.

The offering is aimed at bringing in long-term value investors, primarily from North America, to advance Conroy's 'Discs of Gold' project. This includes the Clontibret gold deposit with a defined 517,000-ounce resource and several high-potential targets.

Chair John Sherman said the raise reflects "confidence" in the project and will enable "carefully targeted development work" while supporting talks with potential joint venture and asset-level partners.

The proposed placement is expected to close around September 22, subject to regulatory approvals and AIM admission. Shares will carry a four-month lock-in.

By Eva Castanedo, Alliance News reporter

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