CGNR Conroy Gold & Natural Resources Plc

 
TIDMCGNR 
 
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 
 
 
 
END 
 
 

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