Conroy Gold and Natural Resources (LSE:CGNR) has launched a non-brokered private placement to raise up to £0.8 million from new and existing investors, with a placing price set at 8p.
The Ireland-focused gold exploration company said net proceeds will accelerate exploration on its Irish assets, part of its "Discs of Gold" project, and fund general working capital.
Conroy Gold said it chose investors it believes can contribute to the project's success, rather than routing the raise through a broker.
Shares issued under the placement will carry a restriction period ending four months from issue.
News Intelligence what this means for the company
Conroy Gold is raising £0.8m at 8p per share via non-brokered placement to fund exploration at its Discs of Gold project in Ireland. The placing price sits just above the recent trading level of 7.75p, and the raise is equivalent to roughly 13% of the company's £6.0m market cap—material enough to dilute existing shareholders but modest in absolute terms for an exploration-stage company advancing a drilling programme.
The capital injection directly funds acceleration of exploration work at Clontibret and other Irish assets, where Phase I drilling has returned encouraging assay results including 1.0 m at 16.7 g/t Au. The non-brokered structure suggests the company prioritised investor quality over speed, but the absence of an admission timetable leaves near-term execution timing unclear.
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