Tuesday 20 August 2019

Conroy Gold raises €250,000 from shareholder

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Ellie Donnelly

Ellie Donnelly

Mining group Conroy Gold has raised €250,000 through the issue of an unsecured convertible loan note.

Funds are being lent to the Irish and Finish focused group by Hard Metal Machine Tools Limited, whose owner has an 8.28pc interest in Conroy.

The money will be used for general corporate purposes, as well as exploration programme costs.

The loan note has a term of three years, with an interest at a rate of 5pc per annum, payable on the redemption or conversion of the note.

Earlier this month, Conroy discovered the presence of low-grade gold following a drill at its Slieve Glah site in the Longford - Down area.

Two holes were drilled, with the first drill hole confirming the presence of gold mineralisation at the company's fourth target area.

The area, which is 2km long and 1km wide, is located over 3.5km from the previous gold discovery in the company's second Slieve Glah target zone.

Conroy Gold reported a loss of €285,604 in the six months to 30 November last year.

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