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Conroy Gold shareholder aiming to replace 6 of 9 directors

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Conroy Gold shareholder aiming to replace 6 of 9 directors

Conroy Gold & Natural Resources Plc shareholder Patrick O'Sullivan has asked for an extraordinary general meeting to replace six of the company's nine board members.

O'Sullivan, Conroy Gold's largest shareholder, with a 27% stake, represents shareholders who are becoming impatient with a "slow and cautious approach" to mine development, according to a June 11 report by the Irish Independent.

Conroy Gold is working on developing the open pit Clontibret gold mine on its Armagh-Monaghan property in Ireland. Last year, the company outlined a combined exploration target of 5 million ounces of gold at Clontibret and the adjacent Clay Lake target at Armagh-Monaghan.

The company said last week that it had received a requisition to remove Seamus FitzPatrick, the nonexecutive deputy chairman, as well as nonexecutive directors James Jones, Sorca Conroy, Louis Maguire, Michael Power and David Wathen.

Conroy Gold said its board was taking advice on the requisition.

New directors proposed include Patrick O'Sullivan, Paul Johnson and Greatland Gold Plc CEO Gervaise Heddle. Greatland Gold is partly owned by Conroy Gold shareholder Metal Tiger, according to the report.

In February, when outlining results for the six months ended Nov. 30, 2016, Conroy Gold said drilling at Clontibret had found five new gold zones.

The company posted a loss of €176,680 for the half-year, widening year over year from €107,618, and said it was considering options including joint venture, an earn-in and equity funding.