18th Sep 2014 08:05
LONDON (Alliance News) - Connemara Mining Company PLC Thursday said it has raised GBP400,800 by issuing new shares, with the net proceeds to fund further work on its portfolio of exploration projects in Ireland and pay on-going corporate costs.
In a statement, the mining company said it is raising the proceeds by issuing 20.0 million new shares at 2 pence each.
Connemara also said two of its executive directors, Chairman John Teeling and Financial Director James Finn, subscribed for just shy of 1.3 million new shares each in the issuance. Teeling now holds a 9.45% stake in the company, while Finn's is slightly higher at 9.47%.
Connemara shares were Thursday untraded at 3.00p.
By Samuel Agini; [email protected]; @samuelagini
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