Conroy Gold and Natural Resources PLC (AIM:CGNR, OTC:CGDNF) announced it is raising up to £1.5 million, offering new shares priced at 10p, with the proceeds earmarked for exploration in Ireland.
It is a 'non-brokered' placing, designed to bring on board a number of long-term value investors, predominantly from North America, the small-cap company added.
"The board is pleased to announce the fundraise which, at a price of 10 pence per share, echoes the confidence in the Discs project shown by the terms of the May convertible loan fundraising and the recent support from current and former directors to restructure amounts owed to them by the Company into success-linked instruments," the company said.
"This funding will enable the company to progress with carefully targeted development work on the Discs project, while supporting ongoing discussions with potential strategic joint-venture partners and other asset-level investors.”
In London, Conroy shares were down 10.6% changing hands at 10.06p.