Conroy Gold & Natural Resources Plc - Fundraising of £259k
PRIOR TO PUBLICATION, THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Conroy Gold and Natural Resources plc
(“
9 October 2024
Fundraising of £259,000
-- Fundraising of £259,000 at 4.75 pence per share
-- Significant Director participation in the Fundraising
-- Warrants to be issued to participants in the Fundraising, exercisable at
9.5p.
-- Funds to be used to progress structural analysis and other work on
mineralisation controls in Clontibret, Clay Lake and Creenkill in
support of ongoing work on securing joint venture partnerships and/or
strategic investment together with general working capital purposes.
FUNDRAISING HIGHLIGHTS
-- Placing of £87,500 (before expenses) through the issue of 1,842,105 new
ordinary shares of €0.001 each (“Ordinary Shares”) at a price pf 4.75
pence (the “Issue Price”) per Ordinary Share (the “Placing Shares”) and
subscription to raise £171,500 through the issue of 3,610,526 Ordinary
Shares at the Issue Price (the “Subscription Shares”) (together the
“Fundraising”).
-- The Company believes that its projects are a key part of an emerging
modern gold industry in Ireland which lies along the same gold-rich
fault systems as that found in Newfoundland in Canada . Conroy Gold,
starting from an abandoned Antimony (Sb) mine, has discovered multiple
targets along two district scale gold trends extending over 90km, and
delineated a 517Koz Indicated & Inferred resource at shallow depth at
Clontibret from just 20 per cent. of the Clontibret target area.
-- The Clontibret orebody is open at depth and along trend that has
analogies with major projects such as Fosterville (>10m oz Au Australia)
and the Queensway Project (Pre-resource, Canada ).
-- The funds will be used to progress follow up analysis on the recent
drilling programmes which will include structural analysis and other
work on mineralisation controls in Clontibret, Clay Lake and Creenkill,
ongoing baseline environmental studies together with assessment of the
scale and economic potential of the associated antimony mineralisation
at Clontibret.
-- Funds raised will also support the Company’s ongoing work on securing
joint venture partners / strategic investment in addition to general
working capital purposes.
-- Professor Richard Conroy (Chairman) has subscribed for 1,052,632
ordinary shares in the Fundraising at the Issue Price for a total
consideration of £50,000.
-- In conjunction with the Fundraising, certain parties have also
capitalised amounts owed to them totalling c. £85,345 through the issue
of 1,802,851 new Ordinary Shares at the Issue Price (the “Fee Shares”).
-- In addition to management’s experience of the discovery, permitting and
development of the Galmoy Zinc orebodies, the collective experience of
the Board includes direct experience of leading the Alturas Gold Deposit
(9m oz Au) in Chile through exploration and resource establishment
through to scoping study and also being part of teams responsible for
the discovery of both the Curraghinalt gold deposit in Co. Tyrone and
three new gold deposits at the Grey Fox Project in Canada .
FUNDRAISING SUMMARY
The
Issue Price
represents a discount of circa 27 per cent. to the closing mid-market price of
Each Placing Share, Subscription Share and Fee Share will carry one non-transferable Warrant.
At the time of warrant exercise, if the warrant holder can prove they hold an amount of Ordinary Shares equal to the number of Ordinary Shares acquired as part of the Fundraising, the warrant rights will entitle the warrant holder to subscribe for one new Ordinary Share at a price of 9.5p for every warrant held. Should the warrant holder not be able to prove ownership of such an amount of Ordinary Shares then, on exercise, the warrant rights will only entitle the warrant holder to subscribe for one new Ordinary Share at the price of 9.5p for every two warrants held (e.g. a half a warrant).
Payment must be received by the Company within 10 Business Days of the date the Warrants are exercised.
The warrants will be exercisable for a period of 12 months from the admission to trading on AIM of the Placing Shares, Subscription Shares and
The Placing Shares, Subscription Shares and
Mr
The Fundraising has been conducted within the Company’s existing share authorities and is conditional on Admission becoming effective. Accordingly, the issue of the Placing Shares, Subscription Shares and
DIRECTOR PARTICIPATION IN THE FUNDRAISING
Details of the
participation
by Professor
Subscription Value of the Ordinary Shares Percentage of
Name Shares being subscription at held following enlarged issued
subscribed the Issue Price completion of the share capital
Fundraising
Professor Richard 1,052,632 £50,000 4,246,668 7.71%
Conroy (Chairman)
In addition, Professor
ADMISSION, WARRANTS AND TOTAL VOTING RIGHTS
An application will be made shortly to the
The Fundraising Warrants will not be admitted to trading on AIM or any other stock market and will not be transferable. The issuance of the Fundraising Warrants is subject to Admission.
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that on completion of the Fundraising, and following Admission, the Company’s enlarged issued ordinary share capital will comprise 55,104,175 Ordinary Shares.
The Company does not hold any Ordinary Shares in
Professor
“This fundraising comes at an exciting time for the Company. We are at a very advanced stage in our gold exploration and development project in
For further information please contact :
Conroy Gold and Natural Resources plc
+353-1-479-6180
Professor Richard Conroy , Chairman
Allenby Capital Limited (Nomad)
+44-20-3328-5656
Nick Athanas / Nick Harriss Peterhouse Capital Limited (Broker)
+44-20-7469-0930
Lucy Williams / Duncan Vasey Lothbury Financial Services
+44-20-3290-0707
Michael Padley Hall Communications
+353-1-660-9377
Don Hall
Visit the website at: www.conroygold.com
The below notifications made in accordance with the requirements of the
___________________________________________________________________________ |1 |Details of the person discharging managerial responsibilities / person | | |closely associated | |__|________________________________________________________________________| |a)|Name |Professor Richard Conroy | |__|_______________________________|________________________________________| |2 |Reason for the notification | |__|________________________________________________________________________| |a)|Position/status |Chairman of the Board | |__|_______________________________|________________________________________| |b)|Initial notification /Amendment|Initial notification | |__|_______________________________|________________________________________| |3 |Details of the issuer, emission allowance market participant, auction | | |platform, auctioneer or auction monitor | |__|________________________________________________________________________| |a)|Name |Conroy Gold and Natural Resources plc | |__|_______________________________|________________________________________| |b)|LEI |635400YIAKIIDS7JKF64 | |__|_______________________________|________________________________________| | |Details of the transaction(s): section to be repeated for (i) each type | |4 |of instrument; (ii) each type of transaction; (iii) each date; and (iv) | | |each place where transactions have been conducted | |__|________________________________________________________________________| | |Description of the financial |Ordinary shares of €0.001 each in Conroy| |a)|instrument, type of instrument |Gold and Natural Resources plc | | | | | | |Identification code |Identification code (ISIN): IE00BZ4BTZ13| |__|_______________________________|________________________________________| |b)|Nature of the transaction | 1. Purchase of Ordinary Shares | |__|_______________________________|__1._Issue_of_Warrants__________________| | | | 1. Price:4.75 pence per share | | | |Volume: 1,052,632 | |c)|Price(s) and volume(s) | | | | | 1. Exercise price:9.5 pence | | | |Volume: 1,052,632 | |__|_______________________________|________________________________________| | |Aggregated information | | | | | | |d)|- Aggregated volume |See above. | | | | | | |- Price | | |__|_______________________________|________________________________________| |e)|Date of the transaction |9 October 2024 | |__|_______________________________|________________________________________| |f)|Place of the transaction | 1. London Stock Exchange – AIM | |__|_______________________________|__1._Outside_of_a_trading_venue_________|
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