Conroy Gold and Natural Resources plc is to raise £259,000 via a 27% discounted placing and subscription for a total 5,452,631 ordinary shares in the company.
DIRECTORS
The placing raised £87,500 through the issue of 1,842,105 new ordinary shares of €0.001 each at a price of 4.75 pence.
The subscription of 3,610,526 new ordinary shares at the same price raised £171,500.
Chairman Professor Richard Conroy subscribed for 1,052, 632 new ordinary shares for £50,000, and will hold a total 4,246,668 shares.
Substantial shareholder Philip Hannigan subscribed for one million shares and is expected to hold 10,058,445 ordinary shares, representing 18.25% of the enlarged share capital of the company.
Certain parties, owed in aggregate £85,345 in fees, received 1,802,851 new ordinary shares.
Each placing, subscription and fee share carries one non-transferable warrant with an exercise price of 9.5p.
The issued shares, to new investors and certain existing shareholders, will in total represent approximately 13.17% of the enlarged issued share capital.
Following admission, Conroy’s enlarged issued ordinary share capital will comprise 55,104,175 ordinary shares. The company holds no shares on treasury.
Net proceeds will go towards Conroy’s gold exploration projects in Ireland, efforts to secure joint venture partners or strategic investment, and for general working capital.