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CGNR Conroy Gold & Natural Resources Plc

10.25
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Conroy Gold & Natural Resources Plc LSE:CGNR London Ordinary Share IE00BZ4BTZ13 ORD EUR0.001 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 10.25 10.00 10.50 10.25 10.25 10.25 12,023 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 257k -363k -0.0081 -12.65 4.59M

Conroy Gold & Natural Resources Plc Issue of Equity

11/08/2020 7:00am

UK Regulatory


 
TIDMCGNR 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF 
THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). IN ADDITION, MARKET 
SOUNDINGS WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, 
WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION. 
UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW 
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO 
BE IN POSSESSION OF INSIDE INFORMATION. 
 
                                                                 11 August 2020 
 
                     Conroy Gold and Natural Resources plc 
 
                       ("Conroy Gold" or the "Company") 
 
                             Financing of GBP800,000 
 
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and 
development company focused on Ireland and Finland, is pleased to announce a 
placing and subscription to raise GBP800,000 (the "Financing"). 
 
FINANCING SUMMARY 
 
  * Placing and subscription of 3,200,000 ordinary shares of EUR0.001 each (the 
    "Financing Shares") at a price of 25 pence per Ordinary Share (the "Issue 
    Price") to raise GBP800,000 before expenses. 
 
  * Including the exercise of warrants announced on 31 July 2020, the Company 
    has now secured gross proceeds in excess of GBP1,000,000 to bolster the 
    Company's working capital. The net proceeds of the Financing will be used 
    to support activities in relation to the Company's proposed joint venture 
    ("JV") with Anglo Asian Mining plc ("Anglo Asian"), announced  by the 
    Company on 21 July 2020, to advance the Company's gold exploration 
    activities in Finland and for general working capital purposes. 
 
  * Each Financing Share carries a warrant to subscribe for one ordinary share 
    of EUR0.001 in the Company ("Ordinary Shares") at a price of 35 pence per 
    Ordinary Share (the "Financing Warrants") exercisable for a period of two 
    years from today's date creating 3,200,000 Financing Warrants. 
 
  * Any warrant holder who exercises Financing Warrants within 6 months of 
    today's date will also be issued with, for every Financing Warrant 
    exercised, an additional warrant to subscribe for one Ordinary Share at a 
    price of 100 pence (GBP1.00) per Ordinary Share, again with a life to expiry 
    ending two years from today's date (the "Super Warrants"). If all Financing 
    Warrants are exercised within 6 months of today's date, 3,200,000 Super 
    Warrants would be created. 
 
  * Should the volume weighted average share price of Conroy Gold exceed 200 
    pence (GBP2.00) for a period of 5 consecutive trading days the Company will 
    be able to write to warrant holders providing 14 days for a warrant holder 
    to exercise and pay for any outstanding warrants, or the warrant would be 
    cancelled. This applies to both the Financing Warrants and the Super 
    Warrants. 
 
  * Should all Financing Warrants be exercised within 6 months and subsequently 
    all Super Warrants be exercised, this would generate an additional GBP 
    4,320,000 of funding for the Company over and above the GBP800,000 
    immediately raised through this Financing. There can be no guarantee that 
    any warrants will be exercised in the future and that any additional 
    proceeds over and above the amount immediately raised through the Financing 
    will be received by the Company. 
 
  * The Financing has been arranged by First Equity Limited, who have been 
    appointed as joint broker to the Company with immediate effect. 
 
  * The Financing Shares will represent approximately 10.4 per cent. of the 
    enlarged issued share capital of the Company and have been subscribed for 
    by a combination of new investors and existing shareholders. The Financing 
    comprises 2,485,000 new ordinary shares to be issued to investors pursuant 
    to a placing arranged by First Equity Limited and 715,000 new ordinary 
    shares to be issued to certain existing and new investors pursuant to a 
    subscription with the Company. 
 
  * The Financing has been conducted within the Company's existing share 
    authorities and is conditional on admission of the Financing Shares to 
    trading on AIM ("Admission") becoming effective. 
 
Professor Richard Conroy, Chairman, commented: "I am pleased to undertake this 
Financing which we have conducted at a significant premium to the last 
financing announced in February 2020. This reflects the progress made by the 
Company, and notably the proposed JV with Anglo Asian announced in July. 
 
We are working with the team at Anglo Asian to finalise the JV, and look 
forward to proactive operational activities at our gold projects in the 
Longford-Down Massif where we have an existing JORC compliant gold resource of 
517,000 ounces and a series of targets across a 65km long district scale gold 
trend. 
 
In particular, the existing resource has been generated from drilling covering 
a small fraction of the Clontibret gold target, with the majority of drilling 
to a depth of less than 200m and a maximum depth of 350m.  The Clontibret 
deposit is geologically comparable to the Fosterville deposit in Victoria, 
Australia, where the occurrence of visible gold is becoming increasingly 
significant at depth." 
 
SUBSTANTIAL SHAREHOLDER PARTICIPATION AND RELATED PARTY TRANSACTION 
 
Patrick O'Sullivan, a substantial shareholder in the Company as defined in the 
AIM Rules for Companies and therefore a related party of the Company for the 
purposes of the AIM Rules for Companies, has subscribed for 200,000 Financing 
Shares at the Issue Price. The participation by Patrick O'Sullivan in the 
Financing is deemed to be a related party transaction pursuant to rule 13 of 
the AIM Rules for Companies. Accordingly, the Directors of the Company 
consider, having consulted with the Company's nominated adviser, Allenby 
Capital Limited, that the terms of the participation in the Financing by 
Patrick O'Sullivan are fair and reasonable insofar as shareholders are 
concerned. 
 
ADMISSION, WARRANTS AND TOTAL VOTING RIGHTS 
 
The issue of the Financing Shares and the possible issue of new Ordinary Shares 
from the exercise of the Financing Warrants and the Super Warrants, will be 
undertaken pursuant to the Company's existing share authorities. 
 
An application will be made shortly to the London Stock Exchange for the 
Financing Shares to be admitted to trading on AIM. It is expected that 
Admission will become effective and that dealings in the Financing Shares on 
AIM will commence on or around 20 August 2020. 
 
The Financing Warrants and the Super Warrants will not be admitted to trading 
on AIM or any other stock market and will not be transferable. The issuance of 
the Warrants is subject to Admission. 
 
In accordance with the FCA's Disclosure Guidance and Transparency Rules, the 
Company confirms that on completion of the Financing, and following Admission, 
the Company's enlarged issued ordinary share capital will comprise 30,772,205 
Ordinary Shares. 
 
The Company does not hold any Ordinary Shares in Treasury.  Therefore, 
following Admission, the above figure may be used by shareholders in the 
Company as the denominator for the calculations to 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. 
 
Further information is available through the Company's website: 
www.conroygold.com 
 
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 (Joint Broker)           Tel: +44-20-3463-5000 
 
Jonathan Evans 
 
First Equity Limited (Joint Broker)                   Tel: +44-20-7330-1883 
 
Jason Robertson 
 
Lothbury Financial Services                           Tel: +44-20-3290-0707 
 
Michael Padley 
 
Hall Communications                                   Tel: +353-1-660-9377 
 
Don Hall 
 
 
 
END 
 

(END) Dow Jones Newswires

August 11, 2020 02:00 ET (06:00 GMT)

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