JOHANNESBURG (miningweekly.com) – Irish gold and zinc explorer Connemara Mining on Monday announced that it had raised £900 000 and that it had restructured its board as the company seeks to accelerate its operational growth.
Forty-six-year-old Patrick Cullen, who was appointed CEO last year, has been made an executive director and full-time CEO, as John Teeling moved to the position of nonexecutive chairperson.
Three nonexecutive directors, Vivion Byrne, Danesh Varma and Gavin Berkenheger, would step down from the board, while Metal Tiger CEO Michael McNeilly and First Equity corporate finance executive David Cockbill would join the board.
The restructuring comes as Connemara raised £900 000 through the issue of 21 686 747 new shares at 4.15p each. Metal Tiger has subscribed for £200 000. Teeling and fellow director Jim Finn have converted outstanding unpaid historic salaries totalling £199 500 into company equity at the placing price of 4.15p.
The money raised would enable the acceleration of operational activities across the company’s gold and zinc portfolio in Ireland.
"It is now time to accelerate our operational story and fully investigate the potential of our strategic gold and zinc interests which the board consider, on the basis of work completed to date, and where relevant the work of our close neighbours, to have excellent potential. We are planning a detailed operational programme at present and a full strategic update will be provided to the market shortly, which will outline our planned ground operations and specifically how we intend to deploy the additional working capital secured in this financing,” Teeling said.
Commenting on Cullen's board appointment, Teeling said that Cullen would drive company developments in an “energetic and proactive manner, henceforth from the board of the company with full executive authority”.