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Conroy Gold & Natural Resources PLC on Friday launched a non-brokered private placement to raise up to £1.5 million to support exploration at its Irish gold projects and for general working capital.
Shares in Conroy Gold & Natural Resources were down 11% at 10.02 pence in London on Friday morning.
The Ireland and Finland-focused gold exploration and development company said the offer is priced at 10 pence per share, a 6.2% premium to the 10-day volume-weighted average price but an 11% discount to Thursday’s mid-market closing price.
Each unit will include one new ordinary share and a warrant exercisable at 17p within two years.
The offering is aimed at bringing in long-term value investors, primarily from North America, to advance Conroy’s ’Discs of Gold’ project. This includes the Clontibret gold deposit with a defined 517,000-ounce resource and several high-potential targets.
Chair John Sherman said the raise reflects ‘confidence’ in the project and will enable ‘carefully targeted development work’ while supporting talks with potential joint venture and asset-level partners.
The proposed placement is expected to close around September 22, subject to regulatory approvals and AIM admission. Shares will carry a four-month lock-in.
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