Glencar Mining has raised £2.37 million (€3.5 million) through a share sale to fund further exploration activities at the group's African gold prospects.

The Dublin and London-listed company said yesterday it had sold 22.6 million shares, of which Macquarie Bank had bought 9.5 million, equal to 3.7 per cent of the total issued share capital.

In a statement to the stock exchange, Glencar said the additional funds would facilitate intensive drilling at its Komana West deposit in southern Mali, where the drilling to date has been positive.

The shares will begin trading on Dublin's IEX and on the AIM in London on May 1st.

Glencar also said it would be taking a short break from drilling at Komana West to enable it to use the rig for an initial drilling programme on one of its other targets, Badoga-Malikila.

Drilling will start again at Komana West in about four weeks.