Connemara Mining raises £200,000 through new share issuance

Exploration firm Connemara Mining has raised £200,000 (€221,000) through a share issuance, the proceeds of which will be used as working capital.

In a statement to the Stock Exchange on Tuesday, the company said it had raised £135,000 by way of a placing of 7,848,837 new ordinary shares at a price of 1.72p per share.

It also announced that chairman John Teeling and fellow director James Finn each intend to subscribe for 2,906,977 and 872,093 new ordinary shares respectively on the same terms as the placing, amounting to £65,000.

As a result, the company has now raised £200,000 by the issue of 11,627,907 ordinary shares. The placing shares represent 13.3 per cent of the enlarged issued share capital of the company.

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"The net proceeds of the placing will be used for working capital purposes," the company, which holds interests in 35 licences and has joint ventures with Teck and Hendrick Resources, said.