Mining company raises €300k

MINING company, Conroy Diamonds & Gold has raised a further €300,000 from outside investors, taking to €564,000 the total amount it has raised in this manner in the last week.

The Dublin-based AIM-listed firm – that mainly specialises in gold and zinc exploration – announced yesterday that businessman Patrick O’Sullivan has invested €300,000 into the company in return for 10 million of its shares; a move which gives Mr O’Sullivan approximately a 7.4% stake in the business.

This investment follows on from Conroy raising €264,000 from various London-based institutional investors, last week. In addition, the company’s founder, chairman and largest individual shareholder Professor Richard Conroy has capitalised loans he has previously made to the business; a move which basically sees him getting a further 10.83 million shares in return for his €325,000 loan.