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.
[2011 Jan 28 CGNR Logo]
Conroy Gold and Natural Resources plc
("Conroy Gold" or the "Company")
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.
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and
development company focused on Ireland and Finland , today announces a placing
and subscription to raise a total of £259,000 (before expenses) for the Company.
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 6.5 pence on 8 October 2024, being the last practicable date
prior to this announcement.
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 Fee
Shares ("Admission"), creating 7,255,482 warrants (the "Fundraising Warrants").
The Placing Shares, Subscription Shares and Fee Shares will represent
approximately 13.17 per cent. of the enlarged issued share capital on Admission
and have been issued to a combination of mainly new investors and certain
existing shareholders.
Mr Philip Hannigan (a substantial shareholder in the Company as defined in the
AIM Rules for Companies) is participating in the Fundraising. Mr Philip Hannigan
is subscribing for 1,000,000 Subscription Shares and, as a consequence, is
expected to hold 10,058,445 Ordinary Shares representing 18.25 per cent. of the
enlarged share capital of the Company on Admission.
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 Fee Shares and the possible
issue of new Ordinary Shares from the exercise of the Fundraising Warrants will
be undertaken pursuant to the Company's existing share authorities.
DIRECTOR PARTICIPATION IN THE FUNDRAISING
Details of the participation by Professor Richard Conroy in the Fundraising at
the Issue Price and the resultant shareholding immediately following Admission
are as follows:
Name Subscription Value of the Ordinary Shares Percentage of
Shares being subscription held following enlarged issued share
subscribed at the completion of capital
Issue Price the Fundraising
Professor 1,052,632 £50,000 4,246,668 7.71%
Richard
Conroy
(Chairman)
In addition, Professor Richard Conroy have both been issued with 1,052,632
Fundraising Warrants at a price of 9.5 pence per Ordinary Share exercisable for
a period of 12 months from Admission.
ADMISSION, WARRANTS AND TOTAL VOTING RIGHTS
An application will be made shortly to the London Stock Exchange for Admission
of the Placing Shares, Subscription Shares and the Fee Shares. It is expected
that Admission will become effective and that dealings in the Placing Shares,
Subscription Shares and Fee Shares on AIM will commence on or around 15 October
2024.
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 Treasury. Therefore, following
Admission, the above figure may be used by shareholders in the Company as the
denominator for the calculations to determine if they are required to notify
their interest in, or a change to their interest in the Company, under the FCA's
Disclosure Guidance and Transparency Rules.
Professor Richard Conroy, Chairman of Conroy Gold, commented:
"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 Ireland and we
now look forward to progressing forward discussions on securing a strategic
investment and/or joint venture partnership to accelerate the delivery of a
mine."
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 UK
Market Abuse Regulation provide further detail:
+--+----------------------------+---------------------------------------------+
|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 |Initial notification |
| |/Amendment | |
+--+----------------------------+---------------------------------------------+
|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 |
+--+----------------------------+---------------------------------------------+
|4 |Details of the |
| |transaction(s): section to be |
| |repeated for (i) each type of |
| |instrument; (ii) each type of |
| |transaction; (iii) each date; |
| |and (iv) each place where |
| |transactions have been |
| |conducted |
+--+----------------------------+---------------------------------------------+
|a)|Description of the financial|Ordinary shares of €0.001 each in Conroy Gold|
| |instrument, type of |and Natural Resources plc |
| |instrument | |
| | |Identification code (ISIN): IE00BZ4BTZ13 |
| |Identification code | |
+--+----------------------------+---------------------------------------------+
|b)|Nature of the transaction | |
| | | 1. Purchase of Ordinary Shares |
| | | |
| | | 2. Issue of Warrants |
+--+----------------------------+---------------------------------------------+
|c)|Price(s) and volume(s) | |
| | | 1. Price: 4.75 pence per share |
| | | |
| | |Volume: 1,052,632 |
| | | |
| | | 2. Exercise price: 9.5 pence |
| | | |
| | |Volume: 1,052,632 |
+--+----------------------------+---------------------------------------------+
|d)|Aggregated information |See above. |
| | | |
| |- Aggregated volume | |
| | | |
| |- Price | |
+--+----------------------------+---------------------------------------------+
|e)|Date of the transaction |9 October 2024 |
+--+----------------------------+---------------------------------------------+
|f)|Place of the transaction | |
| | | 1. London Stock Exchange - AIM |
| | | |
| | | 2. Outside of a trading venue |
+--+----------------------------+---------------------------------------------+
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Conroy Gold & Natural Resources Plc
Conroy Gold & Natural Resources Plc - Fundraising of £259k
9th October 2024, 15:47
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