Conroy Gold & Natural Resources Plc Subscription and Debt Conversion to raise GBP375,000

 
TIDMCGNR 
 
21 December 2015 
 
                     Conroy Gold and Natural Resources plc 
 
                          ("Conroy" or "the Company") 
 
Subscription for GBP250,000 and Debt Conversion of GBP125,000 to raise GBP375,000 (EUR 
                                   517,250) 
 
      __________________________________________________________________ 
 
Conroy Gold and Natural Resources plc (AIM: CGNR, ESM: CGNR.I), the Irish based 
resource company exploring and developing gold and other projects in Ireland, 
is pleased to announce it has raised GBP375,000 (EUR517,250) before and after 
expenses, through the issue of 769,230 ordinary shares of EUR0.001 by way of a 
subscription and through the issue of 384,615 ordinary shares, by way of a debt 
capitalisation which relates to recent, unsecured, short term funding ("New 
Ordinary Shares"), at a price of 32.50 pence sterling per share (the 
"Subscription and Debt Conversion"), being the closing mid-market price on 18 
December 2015. The New Ordinary Shares have been subscribed for by Patrick 
O'Sullivan, an existing shareholder in the Company and Professor Conroy, 
Chairman of the Company. 
 
The proceeds of the Placing will be used for general working capital purposes 
and for the funding of the Company's ongoing programme at its Clontibret and 
Clay Lake gold targets. 
 
Mr O'Sullivan has subscribed for 769,230 ordinary shares in the capital of the 
Company. Following this investment, Mr O'Sullivan's total holding will be 
1,276,376 ordinary shares, equivalent to 23.1 per cent. of the enlarged share 
capital of the Company. 
 
Mr O'Sullivan currently holds 507,145 ordinary shares in the Company, 
equivalent to 11.56 per cent. of the current issued share capital of the 
Company. Therefore, as a substantial shareholder in the Company, Mr 
O'Sullivan's participation in the Subscription constitutes a related party 
transaction under the AIM Rules. The Independent Directors of the Company, 
having consulted with the Company's Nominated Adviser, and the Company's ESM 
Adviser, consider that Mr O'Sullivan's participation in the Subscription is 
fair and reasonable insofar as shareholders are concerned. 
 
Debt Capitalisation 
 
Professor Richard Conroy has converted, in aggregate, GBP125,000 of debt capital 
into 384,615 new Ordinary Shares of EUR0.001 each at 32.50 pence sterling per 
share (the "Conversion Shares") as follows: 
 
                                                                     Percentage 
                                                                interest in the 
                Amount of debt        No. of new                enlarged issued 
                     converted   Ordinary Shares      Resultant   share capital 
Director                                           shareholding 
 
Professor             GBP125,000           384,615      1,349,576           24.42 
Conroy 
 
The participation of Professor Conroy in the Debt Conversion is a related party 
transaction under the AIM Rules. The independent directors, having consulted 
with the Company's Nominated Adviser and ESM adviser, consider the terms of the 
Debt Capitalisation to be fair and reasonable insofar as the Shareholders are 
concerned. 
 
The Subscription and Debt Conversion is conditional, inter alia, on admission 
of the Subscription Shares and Conversion Shares to trading on AIM and the 
ESM.  The Subscription Shares and Conversion Shares will rank pari passu with 
the issued Ordinary Shares of EUR0.001 each. 
 
Application will be made to the London Stock Exchange and the Irish Stock 
Exchange for the Subscription Shares and Conversion Shares to be admitted to 
trading on AIM and the ESM, respectively. It is expected that admission will 
become effective on 29 December 2015 ("Admission"). 
 
Following the issue of the Subscription and Debt Conversion Shares, and for the 
purposes of the Disclosure and Transparency Rules, the Company's total issued 
share capital on Admission will consist of 5,527,052 Ordinary Shares. 
 
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 
Disclosure and Transparency Rules. 
 
For further information please contact: 
 
Conroy Gold and Natural Resources plc                    Tel: 
                                                         [phone] 
 
Professor Richard Conroy, Chairman 
 
Sanlam Securities UK Limited (Nomad)                     Tel: 
                                                         [phone] 
 
Virginia Bull/Simon Clements 
 
Hybridan LLP (Broker)                                    Tel: 
                                                         [phone] 
 
Claire Louise Noyce/Niall Pearson/William Lynne 
 
IBI Corporate Finance Limited (ESM Adviser)              Tel: 
                                                         [phone] 
 
Ger Heffernan / Jan Fitzell 
 
Lothbury Financial Services                              Tel: 
                                                         [phone] 
 
Michael Padley 
 
Hall Communications                                      Tel: 
                                                         [phone] 
 
Don Hall 
 
Visit the website at: www.conroygold.com 
 
 
 
END 
 

(END) Dow Jones Newswires

December 21, 2015 02:00 ET (07:00 GMT)