28th Mar 2006 15:51
28 March 2006 For immediate release Conroy Diamonds and Gold plc ("Conroy" or the "Company") Proposed placing of 12,500,000 new ordinary shares at 4p per share The Company announces that, following the positive exploration resultsannounced on 13 February 2006, the board proposes to raise approximately ‚£500,000 (¢â€š¬720,000) by way of a placing. The proceeds will be used for theongoing exploration programme, the maintenance and renewal of licences and forworking capital.Pursuant to the terms of the Placing the Company is proposing to issue up to12,500,000 new Ordinary Shares at 4p per share ("Placing Shares"), to raiseapproximately ‚£500,000 (¢â€š¬720,000) before expenses.The Placing is conditional on shareholder approval and admission of the PlacingShares to trading on AIM. It is the Director's view that this type of placing,at around the current market price, is a cost efficient way of providingadditional working capital for the Company.Dealings in the new ordinary shares are expected to commence on AIM on18 April2006.A circular containing further details of the placing and a notice convening anextraordinary general meeting of the Company to be held at 12.00 noon on 13April 2006 will be sent to shareholders today. .Enquires:Professor Richard Conroy 00-353-1-661-8958 Chairman Conroy Diamonds and Gold Plc. Charles Dampney 020-7822-7107 City Capital Securities Ltd. Ron Marshman/John Greenhalgh 020-7628-5518 City of London PR Limited ENDCONROY DIAMONDS & GOLD PLCRelated Shares:
Conroy Gld&nres