By Nigel Somerville, the Deputy Sheriff of AIM | Friday 3 April 2020
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
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”.
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