REG-Conroy Gold & Natural Resources Plc: Fundraising of £400,000

Conroy Gold and Natural ResourcesAnnouncement

20/06/2023 07:00

PRIOR TO PUBLICATION, THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT WAS
DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF
REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED
TO BE IN THE PUBLIC DOMAIN.

IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS
CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS
BECAME AWARE OF INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE
INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE
INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Conroy Gold and Natural Resources plc

(“Conroy Gold” or the “Company”)

20 June 2023

FUNDRAISING OF £400,000
* Fundraising of £400,000 at 13.5 pence per Ordinary Share
* Funds to be used to accelerate exploration programmes in Ireland and Finland
and for general working capital
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and
development company focused on Ireland and Finland, is pleased to announce a
fundraising of £400,000 to accelerate exploration on its exploration
programmes for gold and other minerals in Ireland and Finland. The funds
raised are to be put towards exploration programmes which are not covered by
the Joint Venture Agreement with Demir Export and for general working capital
purposes.  

Fundraising summary:
* Financing arranged to raise £400,000 through the issue of 2,962,962 new
ordinary shares of €0.001 (“Ordinary Shares”) at a price of 13.5 pence
(the “Issue Price”) per Ordinary Share (the “Fundraising Shares”)
(together the “Fundraising”). The Issue Price represents a discount of
9.2% to the closing mid-market price of 14.875 pence per Ordinary Share on 19
June 2023. 
* The fundraising increases the Company’s exploration capacity and
strengthens its working capital position.
* Each Fundraising Share carries a warrant to subscribe for one new Ordinary
Share at a price of 22.5 pence per Ordinary Share exercisable at any point
from Admission (defined below) to 13 June 2026 (the “Warrants”).  The
Warrants include an accelerator provision, whereby should the volume weighted
average Ordinary Share price trade for 5 consecutive days at 35 pence or
greater, the Company will have the right to issue Warrant holders with a two
week notice to exercise their Warrants. Unexercised Warrants would be
cancelled, and any Warrants exercised under this notice must be fully paid up
to the Company within 10 business days of notification being made to the
Company that the Warrants will be exercised.
* By participating in the Fundraising, each Subscriber agreed that they are
subject to lock in provisions whereby the Fundraising Shares cannot be traded
until 13 December 2023.
Certain of the investors in the Fundraising were introduced by Roast PR
Limited who have elected to take their fees of £17,500 in relation to this
transaction through the issue of 129,630 new Ordinary Shares at the Issue
Price (the “Fee Shares”). Each Fee Share also carries a Warrant on the
same terms as the Fundraising Shares and is subject to the same lock-in
provision as the Fundraising Shares. 

The fundraising has been conducted within the Company’s existing share
authorities and is conditional on admission of the Fundraising Shares to
trading on AIM becoming effective.

2,592,592 Fundraising Shares are being issued to two new shareholders, one of
whom, Mr. Jonathan Swann, is subscribing for 2,222,222 Fundraising Shares and
as a consequence is expected to hold 4.64 per cent. of the enlarged share
capital of the Company on Admission. The remainder of the Fundraising Shares
are being issued to one existing shareholder, Mr. Philip Hannigan, who is
subscribing for 370,370 shares and is expected to be interested in 8,958,445
Ordinary Shares representing 18.72 per cent. of the enlarged share capital of
the Company on Admission. 

Admission and Total Voting Rights

An application will be made to admit the Fundraising Shares and the Fee Shares
(totalling 3,092,592 new Ordinary Shares) to trading on the AIM market of the
London Stock Exchange on or around 23 June 2023 (“Admission”). 

Following the issue of the Fundraising Shares and the Fee Shares, and for the
purposes of the Disclosure Guidance and Transparency Rules, the Company's
total issued share capital on Admission will consist of 47,848,693 Ordinary
Shares with one voting right per ordinary share. 

The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company, under the FCA’s
Disclosure Guidance and Transparency Rules.

Professor Richard Conroy, Chairman, commented: 

“I am very pleased with this fundraising. Exploration expenditures, over
€4.5million in Phase 1 alone, are covered by the Joint Venture Agreement
which the Company has in place with Demir Export to explore and develop the
district scale gold trend discovered by the Company in Ireland. 

The Company has, however, other exploration interests, both in Ireland and in
Finland, which are not covered by the Joint Venture and which, for relatively
low expenditures, could potentially yield highly interesting results for the
Company. Other working capital expenditures must also be covered.”

For further information please contact:

Further information:

 Conroy Gold and Natural Resources plc  Professor Richard Conroy, Chairman  +353-1-479-6180   
 Allenby Capital Limited (Nomad)  Nick Athanas / Nick Harriss               +44-20-3328-5656  
 First Equity Limited (Broker)  Jason Robertson                             +44-20-7330-1883  
 Lothbury Financial Services  Michael Padley                                +44-20-3290-0707  
 Hall Communications  Don Hall                                              +353-1-660-9377   

Visit the website at: www.conroygold.com



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