Aim-listed Conroy Diamonds and Gold has placed 1.5 million shares at 10p to further its gold exploration on the Irish border and gem quest in Finland, writes Robert Tyerman.

Conroy (CDG) has high hopes that its gold prospects on Ireland's 'Longford massif' will prove part of a large system, while its diamond area in Finland is hard by where highly-rated European Diamonds (EPD) is prospecting. But the company says it wants to do as much development itself as possible before seeking to interest a major partner, in order to obtain better eventual terms.

The company used broker Seymour Pierce to handle the placing at 10p. The placing has been done at a discount to the market price of 12.5p – itself a fraction of the 30p-plus levels reached in early 2001.