Conroy Gold and Natural Resources plc has raised £400,000 by issuing nearly three million new ordinary shares to two investors.
TERMS
A total of 2,962,962 new ordinary shares of €0.001 [sic] will be issued, each at 13.5 pence and representing a discount of 9.2% to the closing mid-market price of 14.875 pence on 19 June 2023.
Each fundraising share carries a warrant to subscribe for one new ordinary share at a price of 22.5 pence per new ordinary share, exercisable from admission until 13 June 2026.
Conroy Gold said that certain investors were introduced by Roast PR Ltd which chose to take its £17,500 fees in the form of 129,630 new ordinary shares, with attached warrants, at the issue price.
Jonathan Swann subscribed for 2,222,222 fundraising shares and is expected to hold 4.64% of the Conroy Gold’s enlarged share capital.
Existing shareholder Philip Hannigan subscribed for 370,370 shares. He will subsequently hold 8,958,445 ordinary shares equating to 18.72% of the company.
On admission of 3,092,592 new ordinary shares, Conroy Gold’s total issued share capital will consist of 47,848,693 ordinary shares, each with one voting right.
USES
Proceeds will be used for working capital and to accelerate exploration programmes for the company’s gold and other minerals projects in Ireland and Finland.