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
(“Conroy Gold” or the “Company”)
20 June 2023
FUNDRAISING OF
£400,000
- Fundraising of £400,000 at 13.5
pence per Ordinary Share
- Funds to be used to accelerate exploration programmes in
Ireland and Finland and for general working
capital
Conroy Gold and Natural Resources
plc (AIM: CGNR), the gold exploration and development company
focused on Ireland and
Finland, is pleased to announce a
fundraising of £400,000 to accelerate exploration on its
exploration programmes for gold and other minerals in Ireland and Finland. The funds raised are to be put
towards exploration programmes which are not covered by the Joint
Venture Agreement with Demir Export and for general working capital
purposes.
Fundraising summary:
- Financing arranged to raise £400,000 through the issue of
2,962,962 new ordinary shares of €0.001 (“Ordinary Shares”)
at a price of 13.5 pence (the
“Issue Price”) per Ordinary Share (the “Fundraising
Shares”) (together the “Fundraising”). The Issue Price
represents a discount of 9.2% to the closing mid-market price of
14.875 pence per Ordinary Share on 19
June 2023.
- The fundraising increases the Company’s exploration capacity
and strengthens its working capital position.
- Each Fundraising Share carries a
warrant to subscribe for one new Ordinary Share at a price of
22.5 pence per Ordinary Share
exercisable at any point from Admission (defined below) to
13 June 2026 (the
“Warrants”). The Warrants include an accelerator
provision, whereby should the volume weighted average Ordinary
Share price trade for 5 consecutive days at 35 pence or greater, the Company will have the
right to issue Warrant holders with a two week notice to exercise
their Warrants. Unexercised Warrants would be cancelled, and any
Warrants exercised under this notice must be fully paid up to the
Company within 10 business days of notification being made to the
Company that the Warrants will be exercised.
- By participating in the Fundraising, each Subscriber agreed
that they are subject to lock in provisions whereby the Fundraising
Shares cannot be traded until 13 December
2023.
Certain of the investors in the Fundraising were introduced by
Roast PR Limited who have elected to take their fees of £17,500 in
relation to this transaction through the issue of 129,630 new
Ordinary Shares at the Issue Price (the “Fee Shares”). Each
Fee Share also carries a Warrant on
the same terms as the Fundraising Shares and is subject to the same
lock-in provision as the Fundraising Shares.
The fundraising has been conducted within the Company’s existing
share authorities and is conditional on admission of the
Fundraising Shares to trading on AIM becoming effective.
2,592,592 Fundraising Shares are being issued to two new
shareholders, one of whom, Mr. Jonathan
Swann, is subscribing for 2,222,222 Fundraising Shares and
as a consequence is expected to hold 4.64 per cent. of the enlarged
share capital of the Company on Admission. The remainder of the
Fundraising Shares are being issued to one existing shareholder,
Mr. Philip Hannigan, who is
subscribing for 370,370 shares and is expected to be interested in
8,958,445 Ordinary Shares representing 18.72 per cent. of the
enlarged share capital of the Company on Admission.
Admission and Total Voting Rights
An application will be made to admit the Fundraising Shares and
the Fee Shares (totalling 3,092,592 new Ordinary Shares) to trading
on the AIM market of the London Stock Exchange on or around
23 June 2023
(“Admission”).
Following the issue of the Fundraising Shares and the Fee
Shares, and for the purposes of the Disclosure Guidance and
Transparency Rules, the Company's total issued share capital on
Admission will consist of 47,848,693 Ordinary Shares with one
voting right per ordinary share.
The above figure may be used by shareholders as the denominator
for the calculations by which they will 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, commented:
“I am very pleased with this
fundraising. Exploration expenditures, over €4.5million in Phase 1
alone, are covered by the Joint Venture Agreement which the Company
has in place with Demir Export to explore and develop the district
scale gold trend discovered by the Company in Ireland.
The Company has, however, other
exploration interests, both in Ireland and in Finland, which are not covered by the Joint
Venture and which, for relatively low expenditures, could
potentially yield highly interesting results for the Company. Other
working capital expenditures must also be covered.”
For further information please contact:
Further information:
Conroy
Gold and Natural Resources plc
Professor Richard Conroy, Chairman |
+353-1-479-6180 |
Allenby Capital Limited (Nomad)
Nick Athanas / Nick Harriss |
+44-20-3328-5656 |
First
Equity Limited (Broker)
Jason Robertson |
+44-20-7330-1883 |
Lothbury Financial Services
Michael Padley |
+44-20-3290-0707 |
Hall
Communications
Don Hall |
+353-1-660-9377 |
Visit the website at: www.conroygold.com