Connemara Mining raises €500,000 through share issue

Pproceeds are to be used to further work on group’s portfolio of Irish exploration projects

Connemara is an exploration firm with principal assets in zinc/lead exploration licences
Connemara is an exploration firm with principal assets in zinc/lead exploration licences

Exploration firm Connemara Mining has raised £400,800 (€507,417) through the issuing of 20,040,000 ordinary shares of €0.01 each at a price of 2 pence per share.

The AIM-listed firm said the proceeds would primarily be used to further work on its portfolio of Irish exploration projects.

Connemara is an exploration firm with principal assets in zinc/lead exploration licences as well as shear-hosted gold exploration licences in Ireland.

Following issue of the new shares the company’s issued share capital now consists of 55,779,711 ordinary shares of €0.01 each, with each ordinary share carrying the right to one vote.

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As part of the fundraising two of Connemara's directors Dr John Teeling and James Finn, agreed to subscribe for 1,250,000 shares each.

Charlie Taylor

Charlie Taylor

Charlie Taylor is a former Irish Times business journalist