JOHANNESBURG (miningweekly.com) – Irish exploration firm Connemara Mining has raised £135 000 in a share placing, the Aim-listed company announced on Tuesday.
Connemara placed 7 848 837 new shares of €0.01 each in the company at 1.72p a share to raise the capital.
For each placing share subscribed for, the investors also received one warrant to subscribe for an additional ordinary share at 3.4p a share.
Connemara said the net proceeds of the placing would be used for working capital purposes.
Further, Connemara said that directors John Teeling and James Finn had indicated that they would subscribe for 2 906 977 and 872 093 new ordinary shares, respectively, on the same terms as the placing.
The company is exploring for gold, zinc and lead in Ireland. It has interests in 35 licences and has joint ventures with Teck Resources and Hendrick Resources.
On Monday, Connemara announced the appointment of Patrick Cullen as its new CEO.