Business
Result of EGM and Issue of Equity
Result of EGM and Issue of Equity.
About this update from Conroy Gold & Natural Resources Plc
[{"type":"text","content":"\n \n 26 February 2014\n\n \n Conroy Gold and Natural Resources plc \n\n (\"Conroy\" or \"the Company\") \n\n Result of EGM, Allotment of Shares and further Debt Conversion of £315,000 \n\n * Resolution providing for Capital Reorganisation passed\n \n * Allotment of 33,333,336 ordinary shares at 1.5p sterling raising £500,000\n \n * Further conversion of unsecured convertible debt amounting to £315,000 by\n directors of the Company at 2.65 pence per share\n \nCapital Reorganisation and Subscription\n\nConroy (AIM: CGNR), (ESM: CGNR.I) the gold mining company focused on Ireland,\nannounces that, at the Company's Extraordinary General Meeting held earlier\ntoday, the resolution to change each of the existing 306,779,844 Ordinary\nShares of €0.03 each into one Ordinary Share of €0.01 per share and one\nDeferred Share of €0.02 per share was passed unanimously .In addition, the\nfundraising announced on 3 February 2014 raising £500,000, through a\nsubscription (the \"Subscription\") of 33,333,336 Ordinary Shares of €0.01 in the\ncapital of the Company (the \"Subscription Shares\") at a price of 1.5 pence\nSterling per share (\"Subscription Price\") was completed.\n\nFollowing implementation of the Capital Reorganisation and admission of the\nSubscription Shares to trading on AIM and Enterprise Securities Market operated\nby the Irish Stock Exchange Limited (\"ESM\") on 28 February 2014, the Company\nwill have 340,113,180 Ordinary Shares of €0.01 in issue.\n\nDebt Capitalisation\n\nProfessor Richard Conroy and Miss Maureen Jones (both directors of Conroy) have\ntoday converted, in aggregate, £315,000 of debt capital into 11,886,792 new\nOrdinary Shares of €0.01 each at 2.65p per share (the \"Conversion Shares\") as\nfollows:\n\nDirector Amount of No. of new Resultant Percentage\n debt Ordinary Shares shareholding interest in the\n converted enlarged issued\n share capital\n \nProfessor Conroy £300,000 11,320,754 86,175,433 24.48\n \nMaureen Jones £15,000 566,038 5,896,991 1.68\n\nThis conversion price represents a premium of 35.9 per cent. to the closing\nprice on 25 February 2014, being the last practical date prior to the\nconversion.\n\nThe participation of Professor Conroy and Maureen Jones in the debt conversion\nis a related party transaction under the AIM Rules. The independent directors,\nhaving consulted wi...