Business
Proposed Joint Venture with Anglo Asian Mining PLC
Proposed Joint Venture with Anglo Asian Mining PLC.
About this update from Conroy Gold & Natural Resources Plc
[{"type":"text","content":"\n \n 21 July 2020\n 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.\n Conroy Gold and Natural Resources plc\n (“Conroy Gold” or the “Company”)\n PROPOSED JOINT VENTURE WITH ANGLO ASIAN MINING PLC\n AND ISSUE OF WARRANTS\n Highlights:\n \n \n Heads of Terms signed for proposed Joint Venture with Anglo Asian Mining\n \n \n \n \n The Joint Venture goal is the development of a gold mine and further exploration and development along the district scale gold trend which the Company has discovered in Ireland\n \n \n \n \n Anglo Asian Mining to acquire an i\n nitial 17.5% working interest in the Joint Venture for committing to spend €2 million on a primary expenditure programme \n \n \n \n Option to increase working interest to 25% by spending a further €2 million to complete the Primary Expenditure Programme of a minimum of €4 million\n \n \n \n \n Further option to acquire a total 55% working interest in exchange for committing to meet the expenditures of the Secondary Expenditure Programme in order to advance the Clontibret Gold Deposit to mine construction ready status and certain further exploration expenditures\n \n \n \n \n 325,000 Warrants to acquire ordinary shares in Conroy Gold at 16p issued to Anglo Asian with further warrants proposed to be issued upon completion of the final Joint Venture Agreement\n \n \n 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 on 20th July 2020 entered into non-binding Heads of Terms (“HoT”) regarding a proposed joint venture between the Company and Anglo Asian Mining PLC (“Anglo Asian”) (the “Joint Venture Agreement”). The Joint Venture’s goal is the development of a gold mine and further exploration and development of a series of gold targets along the 65km (40 mile) district scale gold trend that the Company has discovered in the Longford – Down Massif in Ireland.\n Anglo Asian Mining plc (AIM: AAZ) is an AIM quoted gold, copper and silver producer in Central Asia with a b...