Connemara Mining raises €267,000 from selling new shares

Gold and zinc exploration company Connemara Mining has raised £230,000 (€267,000) from directors and existing shareholders.

The company, of which whiskey entrepreneur John Teeling is chairman, raised the cash by way of a placing of 18,400,000 new ordinary shares at a price of 1.25p per share.

For each new share subscribed, the investor is entitled to one warrant to subscribe for an additional ordinary share at a price of 1.8p per share.

Chief executive Patrick Cullen was among the directors who participated in the share placing, subscribing for 800,000 new shares.

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Connemara Mining said the funding will be used to complement existing working capital as well as to support ongoing exploration activities on the company's Mine River Gold project located in Wicklow and Wexford.

The London-listed explorer holds interests in a total of 37 licences, including joint ventures at the Oldcastle zinc project in Co Meath and the Stonepark zinc project in Co Limerick.