2 April
2020
THIS ANNOUNCEMENT
CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL
THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
Conroy Gold and Natural Resources plc
(“Conroy Gold” or the “Company”)
Update on Placing
& Subscription
Conroy Gold and Natural Resources
plc (AIM: CGNR), the gold exploration and development Company
focused on Ireland and
Finland, announced on 18 February 2020 a combined Placing and
Subscription to raise £302,500 (before expenses). The Placing
component of the fundraise, totalling £250,000, was arranged by
Brandon Hill Capital Limited, the Company’s broker (“BHC”).
Admission of the New Ordinary Shares in connection with the Placing
and Subscription occurred on 21 February
2020.
The Company has become aware that one of the Placees still has a
balance of £163,000 outstanding for settlement, having already part
settled £12,000 of its placing participation. The settlement date
for this Placee was 20 March 2020.
The Placee has reconfirmed to BHC its intention to settle in full
this outstanding balance within a reasonable timeframe. In
addition, £25,000 is currently outstanding from one subscriber who
participated in the Subscription. This Subscriber has reiterated
his commitment to settling his outstanding Subscription to the
Company as soon as practicable.
The outstanding New Ordinary Shares subscribed for by both
investors have been issued and allotted although as yet not
allocated to the investors. The Placee’s placing
participation is due to be settled on a delivery versus payment
basis in CREST and at the current time BHC hold the remaining New
Ordinary Shares with regard to the Placing in its designated client
account pending settlement. The Company’s registrars are currently
holding the share certificate in relation to the Subscription
Shares subject to settlement.
BHC has been in regular dialogue with both investors and
reasonably expects settlement in full on the basis of assurances
received from both parties. BHC continues to work with both
investors to resolve the settlement issues that stem from the
extraordinary circumstances in the financial markets at this
current time. Given current economic uncertainties,
there may however be a material risk that the full funds may not be
received.
Given the current restrictions on operations and movement as a
result of the COVID-19 pandemic, the Company do not believe the
delay in settlement will have any material impact on its working
capital position or operational activities, assuming the funds are
forthcoming in the short term.
The Company will provide a further update as soon as
practicable.
For further information please contact:
Conroy Gold and
Natural Resources plc |
Tel: +353-1-479-6180 |
Professor Richard
Conroy, Chairman |
|
Allenby Capital
Limited (Nomad) |
Tel: +44-20-3328-5656 |
Nick Athanas/Nick
Harriss |
|
Brandon Hill
Capital Limited (Broker) |
Tel: +44-20-3463-5000 |
Jonathan Evans |
|
Lothbury Financial
Services |
Tel: +44-20-3290-0707 |
Michael Padley |
|
Hall
Communications |
Tel: +353-1-660-9377 |
Don Hall |
|
Visit the website at: www.conroygold.com