CONROY Diamonds and Gold, the exploration company set up by Professor Richard Conroy after he left Arcon Resources two years ago, has raised £250,000 in a private placing of new shares. The 500,000 2.5p shares were placed at 50p each.

The shares were placed with the board members and associates. The new funds will be used to "initiate the proposed 90 to 100 hole drilling programme on its Clontibret gold prospect in Co Monaghan where the company's independent experts, Watts Griffis and McOuat (WGM) of Toronto believe a significant gold bearing system is indicated by previous drilling", according to the company. Conroy's last annual report noted that WGM's "fair market value" of the property amounted to Can$8 million to Can$12 million. This translates to an asset value of 44p to 66p per share.

Trading in Conroy's shares on the OFEX market resumed yesterday having been suspended on the company's request while the placing was taking place.