21st Dec 2015 12:26
LONDON (Alliance News) - Conroy Gold and Natural Resources PLC on Monday said it has raised GBP375,000 by issuing new shares and converting debt into equity.
The resource company, which is exploring and developing gold and other projects in Ireland, said it is issuing 769,230 shares through a subscription, with a further 384,615 to be issued under the debt capitalisation in connection to recent, unsecured, short-term funding, at a price of 32.50 pence per share, which was the closing mid-market price on Friday.
The money 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.
Existing shareholder Patrick O'Sullivan subscribed for the 769,230 shares, while Chairman Richard Conroy is converting GBP125,000 of debt into the 384,615 shares.
O'Sullivan's total holding will increase to 1.3 million shares, equivalent to a 23.1% stake in the enlarged company, while Richard Conroy will have about 1.3 million shares, equivalent to a 24.4% stake.
Shares in Conroy Gold and Natural Resources were untraded on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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