NEWSFLOW

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The good Professor Conroy and his team at AIM-listed Conroy Gold and Natural Resources (CGNR) must be feeling very pleased with themselves this morning, as the company announced a decent-sized fundraise to bring in £1.87 million in cash (before expenses) and a debt-for-equity swap regarding outstanding director fees and other debts to wipe out £379,000 of monies due. So does this finally cure Conroy’s long-running illness of technical insolvency, as highlighted by the Auditor in November’s FY accounts to May?

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AIM-listed Anglo Asian Mining (AAZ) has walked on its proposal with fellow AIM-listed Conroy Gold and Natural Resources (CGNR) to form a joint venture with Conroy’s gold assets in Ireland. Not such a disaster for Anglo Asian, but there is a question over who pushed who and when. Meanwhile, it seems that Anglo has been replaced by Turkish outfit Demir Export AS.

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Like its AIM-listed little sibling Karelian Diamonds (KDR), fellow AIM-listed Conroy Gold and Natural Resources (CGNR) has had six months to release its FY numbers and waited until no-one-is-watching o’clock on deadline day to admit the grizzly truth. But luckily once again ShareProphets was indeed watching.

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Good news this morning for AIM-listed jam- (or, rather, gold) tomorrow explorer Conroy Gold and Natural Resources (CGNR) as it has raised a fairly decent amount of cash - £800,000 – at 25p. Heck, if this goes on for much longer the company will no longer be technically insolvent! It might not be already, although I wouldn’t be too sure. So are the shares now a buy?...

NEWSFLOW

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Sometimes something comes out of left field and takes you by surprise. This morning, AIM-listed Conroy Gold & Natural Resources (CGNR) announced a proposed joint venture with fellow AIM-listed Anglo Asian Mining (AAZ) aimed at bringing Conroy’s Irish gold assets to production. Anglo Asian is a serious player, so this deal is a great achievement for Conroy – even if, as things stand, it remains heavily technically insolvent.

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Roll up, roll up – buy now, pay whenever you like! AIM-listed Conroy Gold and Natural Resources (CGNR) seems to be behaving more like a cheap furniture shop, rather than a serious company when it comes to raising money. On Thursday afternoon it updated on the placing way back in February, under which (unbeknown to the market) most of the cash it said it had raised didn’t arrive. Updates last month detailed some cash which finally dribbled in and on Thursday we learnt that another £50,000 had arrived. Good news……just £100,000 to go out of a £302,500 fundraise.

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Back on 2 April, AIM-listed jam-next-century gold play (apparently) Conroy Gold and Natural Resources (CGNR) finally got around to fessing up that its much celebrated fundraise six weeks previously has seen a shortfall in that £188,000 of the £302,500 supposedly raised (ie well over half) had not arrived. The whole episode stank of AIM Rules breaches and a letter duly landed on Oxymoron-in-chief Marcus Stuttard’s desk. We were told a further update would follow as soon as possible and in classic Red Flags at Night fashion, yesterday at 4.51pm on a Friday evening – no-one-is-watching o’clock – the update duly arrived. Now if all the money had arrived, I reckon we would have found out at a more normal time like 7am……

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On 18 February 2020 AIM-listed lifestyle company Conroy Gold and Natural Resources (CGNR) announced a successful placing to raise £250,000 and that it had undertaken a subscription to raise a further £52,500 all at 12p per share. Yesterday, more than six weeks later, the company ‘fessed up that a total of £188,000 was still outstanding. It seems to me that the “successful placing” was anything but at time of announcement, given that the cash was yet to arrive, and that the company had not “undertaken” a subscription to the extent originally advised for the same reason. “Undertaking” maybe, but not “undertaken”.