Conroy Gold & Natural Resources Plc Issue of Convertible Loan Note to raise EUR250,000
15 July 2019 - 4:59PM
UK Regulatory
TIDMCGNR
15 July 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (596/2014/EU) ("MAR").
Conroy Gold and Natural Resources plc
("Conroy Gold" or "the Company")
Issue of Convertible Loan Note to raise EUR250,000
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and
development Company focused on Ireland and Finland, is pleased to announce that
it has raised EUR250,000 through the issue of an unsecured convertible loan note
("Convertible Loan Note") to Hard Metal Machine Tools Limited (the "Lender").
The Lender is a company 99% owned by Mr Philip Hannigan, an existing
shareholder of the Company with a beneficial interest in 1,961,577 ordinary
shares of EUR0.001 representing 8.28 per cent. of the current issued share
capital of the Company.
The net proceeds of the Convertible Loan Note will be used for general working
capital purposes and exploration programme costs.
Terms of the Convertible Loan Note
The Company has entered into an unsecured convertible loan note agreement for a
total amount of EUR250,000 with the Lender which have been created pursuant to a
loan note instrument. The Convertible Loan Note has a term of three years and
attracts interest at a rate of 5% per annum which is payable on the redemption
or conversion of the Convertible Loan Note. The Convertible Loan Note is
unsecured.
The Convertible Loan Note, including the total amount of accrued but unpaid
interest, is convertible at the conversion price of GBP0.07. The Lender has the
right to seek conversion at any time during the term of the Convertible Loan
Note.
Unless the Lender has given prior notice to convert, the Convertible Loan Note
will be repaid immediately prior to the completion of an offer or agreement
pursuant to which any person or those acting in concert acquires over 50% of
the issued share capital of Conroy.
The Lender shall be entitled, on serving written notice on the Company, to
require the Company to redeem all or any part of the Convertible Loan Note at
par on or after the three-year term of the Convertible Loan Note.
A total of EUR 250,000 has been immediately drawn down by the Company under the
Convertible Loan Note facility.
The Lender's conversion rights are limited to the extent that the Company has
adequate shareholder authority to convert.
No application has been or will be made to any stock exchange for the listing
of, or for permission to deal in, all or any of the Convertible Loan Note.
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
END
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