Subscription

CONROY GOLD & NATURAL RESOURCES PLC - Subscription

PR Newswire

London, March 24

Conroy (AIM: CGNR), (ESM: CGNR.I) the gold exploration and development companyfocused on Ireland, announces that it has conditionally raised £573,183,through a subscription (the "Subscription") of 20,843,000 ordinary shares ofEUR 0.03 in the capital of the Company (the "Subscription Shares") at a priceof 2.75 pence Sterling per share, a premium of 20.88 per cent over the closingmid-market price on 22 March 2013, being the last practicable date prior to thepublication of this announcement.

As part of the Subscription, Professor Richard Conroy, Chairman of the Company,has subscribed for 5,454,545 shares. Following the admission of theSubscription Shares ("Admission"), Professor Conroy will hold 70,703,736Ordinary Shares in the Company, representing 24.28 per cent. of the Company'senlarged share capital and total voting rights. Professor Conroy's holdingincludes 19,294,286 Ordinary Shares held by Conroy Plc, a company in whichProfessor Conroy has a controlling interest.

In addition, Mr Séamus FitzPatrick, Deputy Chairman of the Company, hassubscribed for 3,109,818 shares. Following Admission, Mr FitzPatrick, will hold6,063,818 Ordinary Shares in the Company, representing 2.08 per cent. of theCompany's enlarged share capital and total voting rights.

Furthermore Dr. Sorċa Conroy, a non-executive director of the Company hassubscribed for 1,012,728 shares. Following Admission, Dr Conroy will hold1,500,905 Ordinary Shares in the Company, representing 0.52 per cent. of theCompany's enlarged share capital and total voting rights.

In addition, Pageant Holdings has subscribed for 5,454,545 Ordinary Shares inthe Company. Following Admission, Pageant Holdings will hold 12,699,241Ordinary Shares in the Company, representing 4.36 per cent. of the Company'senlarged share capital and total voting rights.

Furthermore, Mr Patrick O'Sullivan has subscribed for 3,636,364 shares.Following Admission, Patrick O'Sullivan, will hold 20,274,295 Ordinary Sharesin the Company, representing 6.96 per cent. of the Company's enlarged sharecapital and total voting rights.

In addition, Mr James Jones, Director/Secretary of the Company, has subscribedfor 175,000 shares. Following Admission, Mr Jones, will hold 1,250,010 OrdinaryShares in the Company, representing 0.43 per cent. of the Company's enlargedshare capital and total voting rights.

Professor Richard Conroy's, Mr Séamus FitzPatrick's, Dr. Sorċa Conroy's and MrJames Jones's participations in the Subscription are related party transactionsunder the AIM Rules. The independent directors (being all the members of theBoard of Directors with the exception of these four), having consulted with theCompany's nominated adviser and ESM adviser, consider their participation inthe Subscription to be fair and reasonable insofar as the Shareholders areconcerned.

The Subscription is conditional, inter alia, on admission of the SubscriptionShares to trading on AIM and the Enterprise Securities Market operated by theIrish Stock Exchange Limited ("ESM"). The Subscription Shares will rank paripassu with the existing issued ordinary shares of EUR 0.03 in the capital ofthe Company ("Ordinary Shares").

The Company intends to use the proceeds of the Subscription primarily to fundthe Company's on-going programme at its Clontibret gold target where itproposes to develop a gold mine and to continue its exploration at its ClayLake and Slieve Glah gold targets and for working capital generally.

Application has been made to AIM and ESM for the Subscription Shares to beadmitted to trading. Admission and trading in the New Shares are expected tocommence on 28 March 2013.

On admission of the 20,843,000 Subscription Shares, the Company will have291,251,542 Ordinary Shares in issue in total.

Professor Richard Conroy, Chairman, commented:

"I am delighted to announce the Subscription which was, at 2.75p, done at apremium over the market price. The funds will enable the Company to progressthe Clontibret Project, where the Company plans to develop a gold mine and tocontinue its work at Clay Lake and Slieve Glah."

For further information please contact:

Shore Capital Stockbrokers Limited (Joint Broker) Tel: +44-20-7408-4050Jerry Keen/Bidhi Bhoma/Toby Gibbs

Visit the website at: www.conroygoldandnaturalresources.com