Irish gold and zinc explorer Connemara Mining has raised £230 000 from directors and existing shareholders, by way of a placing of 18.4-million new ordinary shares at 1.25p an ordinary share.
For each new share subscribed, the investor will be entitled to one warrant to subscribe for an additional ordinary share at a price of 1.8p a share at any time before September 11, 2020.
Connemara explains that the funding will be used to complement working capital and to support ongoing exploration activities on the Mine River gold project, located in counties Wicklow and Wexford.
Directors James Finn, David Cockill and Patrick Cullen participated in the placing.