Conroy Gold and Natural Resources PLC (LON:CGNR) said it expects to raise about £2.25mln, partly to fund the proposed joint venture with Demir Export AS and to meet commitments and associated costs of the company’s various licences in Ireland and Finland.
The gold exploration and development company announced a placing and subscription of 5.7mln shares to raise a total of about £1.87mln (before expenses) and the conversion of about £0.38mln of existing debt into new ordinary shares.
The financing has been arranged at 33p per share, matching the company's share price at the close yesterday.
The proceeds with also be used on exploration drilling on the copper/gold licences in Finland and for general working capital.
Last month, Conroy engaged with Demir Export on a proposed joint venture covering the company’s gold projects in the Longford-Down Massif.