Conroy Gold stock rises as placement raises GBP1.7 million

(Alliance News) - Conroy Gold & Natural Resources PLC on Wednesday celebrated an oversubscribed private placement, the main participants being North American "long-term oriented" investors.

Shares in the Ireland and Finland-focused gold explorer and developer were 6.2% higher at 11.15 pence on Wednesday afternoon in London.

The non-brokered private placement, Conroy said, raised GBP1.7 million with 17.3 million shares issued at 10p each to new and existing shareholders. Participants were "primarily long-term value investors from North America".

In particular, Conroy noted that Ryan Matthiesen subscribed for 3.0 million shares, and is expected to have increased his stake to 5.04% once the new shares are admitted to trading. Lowell Schmidt subscribed for 2.5 million shares and is therefore expected to have a 3.45% holding.

Conroy expects the fundraising shares to be admitted to trading on AIM on or around Thursday.

The firm intends to use the net proceeds for further geological work on its assets in Ireland; to continue work on securing material asset-level investment; and for general working capital, it said.

"The board is pleased to have closed the fundraise on an oversubscribed basis and welcomes the participation of both new and existing investors," commented Chair John Sherman. "I believe the presence of new, long-term oriented North American investors with deep sector experience on our shareholder register will raise the profile of the company.

"These investors will also contribute meaningfully to the ['Discs of Gold' project in Ireland] going forward as we progress both targeted exploration work and ongoing discussions around material strategic asset-level investment."

By Emma Curzon, Alliance News reporter

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