Conroy Gold raises £0.5m in placing

Gold exploration and development company Conroy Gold and Natural Resources has conditionally raised £0.5m through a placing of 3,636,365 ordinary shares at a price of 13.75p each, being a premium of 20% to the closing mid-market price on 24 August.

The AIM-traded firm said the placing remained conditional on admission of the placing shares to trading on AIM.

It said it intended to use the proceeds of the placing to fund the advancement of its gold assets, in particular the development of the Clontibret deposit, together with exploration focussed on the Clay Lake, Glenish and Slieve Glah gold prospects within the 40 mile (65 km) Armagh-Monaghan-Cavan gold belt, and for working capital generally.

Application had been made to AIM for the placing shares to be admitted to trading, which was expected to occur on 31 August.

“I am pleased to report that this placing will allow the momentum achieved from the excellent drilling results that we recently reported to be continued over the coming months,” said chairman Richard Conroy.