PROJECT FINANCE

Conroy raises £500k for gold projects

Conroy Gold and Natural Resources (AIM:CGNR) has conditionally raised £500,000 (US$644,600) through a placing to fund the gold assets within its Longford-Down Massif project area in Ireland.

Staff reporter
Some of the funds will go towards the Clontibret deposit in Ireland

Some of the funds will go towards the Clontibret deposit in Ireland

The financing will be used to develop the Clontibret deposit and explore the Clay Lake, Glenish and Slieve Glah gold prospects.

The placing comprises 3.6 million ordinary shares at a price of 13.75p each, a premium of 20% on the closing mid-market price on August 24.

The company said it had applied to admit the placing shares to trading on AIM, with this expected to become effective on August 31.

After the placing, Conroy's total issued share capital will consist of 23.7 million ordinary shares.

Earlier in August, the company increased the exploration target at the Clontibret, Clay Lake and Glenish prospects to a potential 8.8 million ounces gold.

Conroy's shares were trading at 12p Tuesday, up 4.35%.

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