Sunday 18 August 2019

Conroy raises €250,000 after gold find

Hard Metal’s Philip Hannigan
Hard Metal’s Philip Hannigan
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 Finnish-focused group by Hard Metal Machine Tools Limited, whose owner, Philip Hannigan, has an 8.28pc interest in Conroy.

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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 interest at a rate of 5pc per annum, payable on the redemption or conversion of the note.

Hard Metal Machine Tools will have the right to convert the note at any point over the duration of the loan, at a price of £0.07 (€0.078).

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 more than 3.5km from the previous gold discovery in the mining group's second Slieve Glah target zone.

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

Irish Independent

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