30th Oct 2019 14:09
(Alliance News) - Conroy Gold & Natural Resources PLC said Wednesday it has raised EUR100,000 through the issue of a convertible loan note to an existing share holder.
The gold exploration and development company focused on Ireland and Finland said the proceeds will be used for general working capital purposes and exploration programme costs.
The lender, Hard Metal Machine Tools Ltd, is 99% owned by Philip Hannigan, an existing share holder of the company, who has 8.5% stake in Conroy Gold.
The loan, which has a 5% annual interest rate and a three-year term, has a conversion rate into Conroy Gold shares of 6.00 pence.
Conroy Gold shares were untraded in London on Wednesday afternoon, last closing at 4.70 pence.
Back in July, Hannigan lent EUR250,000 to the company through another convertible loan.
By Loreta Juodagalvyte; [email protected]
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