5th Mar 2019 13:55
LONDON (Alliance News) - Irish gold and zinc mining exploration firm Connemara Mining Co PLC said Tuesday it raised GBP230,000 through a share placing.
Connemara placed 18.4 million new shares at 1.25 pence each. Shares in Connemara were 0.4% higher at 1.26 pence on Tuesday.
Each new share will come with a warrant to subscribe for an additional share at 1.80p. These warrants are exercisable any time before September 11, 2020.
"The funding will be used to complement working capital as well as to support ongoing exploration activities on the company's Mine River gold project, located in counties Wicklow and Wexford," Connemara explained in a statement.
Under the placing, Chief Executive Officer Patrick Cullen built his initial stake in the firm through a 800,000 share acquisition.
Finance Director James Finn also increased his stake by 800,000 shares to 9.1 million or 6.9% of total outstanding capital.
Non-Executive Director David Cockbill added 444,444 shares to take his total holding to 935,408 shares, or 0.7% of the company.
In mid February, Connemara proposed changing its name to Arkle Resources PLC. This move will face a shareholder vote next Tuesday.