Conroy Gold and Natural Resources plc shares rose 9% after the company announced the successful closing of its oversubscribed non-brokered private placement, raising £1,728,700 at 10 pence per share.
A total of 17,287,000 new ordinary shares (€0.001 nominal value) were issued, each accompanied by a warrant to subscribe for one additional ordinary share at 17.0 pence within two years. The new shares are subject to a four-month lock-in period.
Notable participants included Ryan Matthiesen, who subscribed for 3,000,000 shares (bringing his total holding to 3,650,000), and Lowell Schmidt, who subscribed for 2,500,000 shares.
- Fundraise closed oversubscribed for a total investment of £1,728,700
- Fundraise Shares have a restriction period ending four months from issue
- Net proceeds to be used by the Company to accelerate exploration on its Irish exploration assets and for general working capital purposes
Upon admission, the company’s total issued voting share capital will stand at 72,391,175 ordinary shares.
The net proceeds from the placement will be used to fund exploration work on Conroy’s Irish assets and for general working capital purposes.
Mr. John Sherman, the Company’s Chairman, commented:
“The Board is pleased to have closed the Fundraise on an oversubscribed basis and welcomes the participation of both new and existing investors. I believe the presence of new, long-term oriented North American investors with deep sector experience on our shareholder register will raise the profile of the Company. These investors will also contribute meaningfully to the “Discs” project going forward as we progress both targeted exploration work and ongoing discussions around material strategic asset-level investment.”
