15 July
2019
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION
(596/2014/EU) ("MAR").
Conroy
Gold and Natural Resources plc
(“Conroy Gold” or “the Company”)
Issue of
Convertible Loan Note to raise €250,000
Conroy Gold and Natural Resources
plc (AIM: CGNR), the gold exploration and development Company
focused on Ireland and
Finland, is pleased to announce
that it has raised €250,000 through the issue of an unsecured
convertible loan note (“Convertible Loan Note”) to Hard Metal
Machine Tools Limited (the “Lender”). The Lender is a company 99%
owned by Mr Philip Hannigan, an
existing shareholder of the Company with a beneficial interest in
1,961,577 ordinary shares of €0.001 representing 8.28 per cent. of
the current issued share capital of the Company.
The net proceeds of the Convertible Loan Note will be used for
general working capital purposes and exploration programme
costs.
Terms of the Convertible Loan Note
The Company has entered into an unsecured convertible loan note
agreement for a total amount of €250,000 with the Lender which have
been created pursuant to a loan note instrument. The Convertible
Loan Note has a term of three years and attracts interest at a rate
of 5% per annum which is payable on the redemption or conversion of
the Convertible Loan Note. The Convertible Loan Note is
unsecured.
The Convertible Loan Note, including the total amount of accrued
but unpaid interest, is convertible at the conversion price of
£0.07. The Lender has the right to seek conversion at any time
during the term of the Convertible Loan Note.
Unless the Lender has given prior notice to convert, the
Convertible Loan Note will be repaid immediately prior to the
completion of an offer or agreement pursuant to which any person or
those acting in concert acquires over 50% of the issued share
capital of Conroy.
The Lender shall be entitled, on serving written notice on the
Company, to require the Company to redeem all or any part of the
Convertible Loan Note at par on or after the three-year term of the
Convertible Loan Note.
A total of € 250,000 has been immediately drawn down by the
Company under the Convertible Loan Note facility.
The Lender’s conversion rights are limited to the extent that
the Company has adequate shareholder authority to convert.
No application has been or will be made to any stock exchange
for the listing of, or for permission to deal in, all or any of the
Convertible Loan Note.
For further information please contact:
Conroy Gold and
Natural Resources plc |
Tel: +353-1-479-6180 |
Professor Richard
Conroy, Chairman |
|
Allenby Capital
Limited (Nomad) |
Tel: +44-20-3328-5656 |
Nick Athanas/Nick
Harriss |
|
Brandon Hill
Capital Limited (Broker) |
Tel: +44-20-3463-5000 |
Jonathan Evans |
|
Lothbury Financial
Services |
Tel: +44-20-3290-0707 |
Michael Padley |
|
Hall
Communications |
Tel: +353-1-660-9377 |
Don Hall |
|
Visit the website at: www.conroygold.com