Conroy Gold and Natural Resources plc has recorded increased losses while raising more than €1 million for its mining projects on either side of the Irish Border and in Finland.
In its unaudited results published last Friday (26 February) for the half year ended 30 November 2020, loss after taxation for was €703,294 (six-month period ended 30 November 2019: loss of €278,008).
The company said that the increased loss was mainly due to a non-cash charge of €395,097 in respect of the fair value of warrants issued in both July and August 2020.
The majority of these warrants were issued alongside the fundraising which the company carried out in August 2020.
During the half year ended 30 November 2020, Conroy Gold raised £1,255,333, of which £800,000 came from a fundraising in August 2020.
A further £455,333 was raised following the exercise of warrants during the period between July 2020 and November 2020.
The company said that these funds were used to advance its gold exploration licences and for general working capital.
As of 30 November 2020, the company’s net assets amounted to €18,696,306 (30 November 2019: €17,595,318).
Cash and cash equivalents were €503,879 as of 30 November 2020.
In the chairman’s report, Professor Richard Conroy said that there had been excellent results from the exploration programme on the company’s prospecting licences in the Longford-Down Massif in Ireland.
“New gold discoveries were made in the company’s Glenish licence area and new geological structures outlined from a geophysical survey over the Cargalisgorran area of the company’s Clay Lake gold target in Northern Ireland.”
In July 2020, Conroy Gold appointed Howard Bird, who has more than more than 30 years’ experience in mining exploration and development, to the board of directors.