18th Feb 2020 09:57
(Alliance News) - Conroy Gold and Natural Resources PLC on Tuesday said it has raised a total of GBP302,500 to fund further exploration work.
The stock was trading 16% lower at 11.75 pence each on Tuesday morning in London.
The gold explorer raised GBP250,000 through the placing of 2.1 million shares at 12p each. It raised an additional GBP52,500 through the subscription of 437,500 shares at the same price as the placing.
Each subscriber to the placing and subscription will receive one warrant for each share, giving them the right to subscribe for one new share at 16p each for a period of nine months from admission, Conroy Gold said.
Following the admission of the new shares, the company's share capital will comprise of 26.2 million shares.
Conroy Gold said the proceeds realised from the fundraising will be used for further exploration work at Clontibret Clay Lake and Glenish gold targets along the Orlock Bridge Fault in Ireland, as well as for general working capital purposes.
By Ife Taiwo; [email protected]
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