Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development Company focused on Ireland and Finland, is pleased to announce that all funds from the combined Placing and Subscription to raise £302,500 (before expenses), originally announced on 18 February 2020, have now been received.
The Placing component of the fundraise, totalling £250,000, was arranged by Brandon Hill Capital Limited, the Company’s broker (“BHC”). Admission of the New Ordinary Shares in connection with the Placing and Subscription occurred on 21 February 2020.
As previously announced, £200,000 of the amounts due from certain of the investors were not received on time. A total of £100,000 was subsequently received, as detailed in the announcements released on 2 April, 24 April and 7 May 2020. The Company is pleased to announce that it has today received the outstanding £100,000 from the Placee in full.
Corporate update
The Company looks forward, when the COVID19 restrictions have been raised, to being able to resume fieldwork in Ireland. In the meantime, the Company is actively engaged in updating its databases and planning its field programme including drilling.
The primary emphasis in the drilling programme will be on infill drilling of the Company’s Clontibret gold deposit, to convert Inferred Resources into Indicated Resources and to increase the overall resource, as the Company proceeds with the planned development of its first mine, on the district scale gold trend which it has discovered in the Longford-Down Massif in northeastern Ireland.
Finally, the Company is also in continuing discussions with a view to agreeing a joint venture partnership with a suitable industry partner for exploration and development of its licences in the Longford–Down Massif.
