Exploration group Conroy Gold Natural Resources, which is planning a gold mine in Clontibret, Co Monaghan, is raising £3.15 million (€3.94 million) by issuing new shares.

The Dublin- and London- listed company said yesterday that it had raised £403,860 through the issue of more than 16 million new shares in the company at 2.5 pence each.

Along with this, it has secured £2.75 million through a standby equity distribution agreement with YA Global, an investment fund managed by Yorkville Advisors, a US-based investment management business.

YA Global has signed up for five million placement shares. The company’s directors signed up for 8.2 million.