Conroy Diamonds and Gold raises new cash for ongoing work programmes
19 November 2009
AIM listed mining group Conroy Diamonds and Gold has raised £250,000 in a 3.5p per share subscription from T1ps Smaller Companies Growth Fund and T1ps Smaller Companies Gold Fund.
Conroy said it would use the cash primarily to fund the ongoing work programmes at its gold prospects in Ireland and for working capital generally.
In Ireland the company has already outlined a JORC compliant resource of more than one million ounces of near surface gold. More it recently announced a large gold-in-soil anomaly 7km away at Clay Lake, which has now had gold proven in bedrock together with an extensive zinc-in-soil-anomaly to the south of Clay Lake with zinc-in-soil values ranging up to 4,047parts per million zinc.
Professor Richard Conroy, the company’s chairman, said: “The funds we have raised will allow us to move the Clontibret gold project forward whilst continuing ongoing work programmes at Clay Lake and other prospects.”
On completion, the T1ps Investment Management funds will hold a beneficial interest in 5% of the shares in Conroy.
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