Finalizing the JV24 Mar 2021 11:04
FINANCING SUMMARY
Placing and subscription of 5,670,449 ordinary shares of €0.001 each (“Ordinary Shares”) at a price of 33 pence per Ordinary Share to raise £1,871,249 before expenses (the “Financing Shares”). In conjunction with the Fundraising certain parties, including Professor Richard Conroy (Chairman of the Company), have also capitalised amounts owed to them totalling £378,751 through the issue of 1,147,726 new Ordinary Shares at the Issue Price (the “Debt Capitalisation Shares”). The Financing significantly strengthens the Company’s balance sheet and working capital position. The funds raised will be used by the Company to support activities in relation to the proposed joint venture (“JV”) with Demir Export A.S. (“Demir Export”), announced on 25 February 2021, to meet the commitments and associated costs on the Company’s various licences in Ireland and Finland, for exploration drilling on the copper/gold licences in Finland and for general working capital. Each Financing Share and Debt Capitalisation Share carries a warrant to subscribe for one new Ordinary Share at a price of 50 pence per Ordinary Share exercisable for a period of two years from the admission to trading on AIM of the Financing Shares and the Debt Capitalisation Shares (“Admission”), creating 6,818,175 Financing Warrants. Any warrant holder who exercises Financing Warrants on or before 31 December 2021 will also be issued with, for every Financing Warrant exercised, an additional warrant to subscribe for one Ordinary Share at a price of 100 pence (£1.00) per Ordinary Share, again with a life to expiry ending two years from Admission. If all Financing Warrants are exercised before 31 December 2021, 6,818,175 Super Warrants would be created. Should all the above Financing Warrants be exercised on or before 31 December 2021 and subsequently all Super Warrants be exercised, this would generate an additional c.£10.2 million of funding for the Company over and above the £2.25 million secured through this Financing.
9mil mcap - the JV will fund 9 mil + and the warrants a futher 10mil
Once the JV is concluded - drilling will easily expand the current 500k JORC resource in the surrounding 8.8 mil Oz and up to 15-20 mil ozs. The future of Conroy looks 10x+ larger than the current sub 10mil Mcap
Conroy could be the largest gold mine in all of the UK or Ireland - the JV would fund up to construction ready status and then to fully funding the mine to production - its a fantastic deal for demir export and could be concluded anyday now
Sign In
Follow the stocks
