Fundraising and Issue of Equity

RNS Number : 8446C

Connemara Mining Company plc

22 April 2013

 



Connemara Mining Co PLC

("Connemara" or the "Company")

Fundraising and Issue of Equity

Connemara (AIM: CON) announces that it has raised £315,000 and settled liabilities of £136,500 through the issue of 9,030,000 ordinary shares of €0.01 each (the "New Shares") at a price of 5 pence per New Share (the "Issue Price") (the "Transaction").

The net proceeds of the Transaction will fund further work on the Company's portfolio of exploration projects in Ireland and pay on-going corporate costs.

As part of the Transaction the Company's directors Dr John Teeling and Mr James Finn, have each agreed that a proportion of accrued unpaid fees owed to them by Connemara will be settled via the issue of New Shares at the Issue Price.  The directors' holdings following the Transaction are set out below:

Name	Number of New Shares subscribed for cash	Number of New Shares in lieu of accrued  fees	Total shareholding following the Transaction	Holding following  the Transaction as a percentage of the Company's issued ordinary share capital
John Teeling	960,000	1,460,000	4,020,001	11.25%
James Finn	1,363,000	1,270,000	4,033,001	11.28%
Graham Reid	60,000	0	310,000	0.86%
Edward Vivion Byrne	0	0	0	0

Related Party Transaction

As set out above, three of the Company's four directors are participating in the Transaction. Their participation in the Transaction is classified as a transaction with a related party for the purposes of Rule 13 of the AIM Rules for Companies. The independent director of the Company Mr Edward Vivion Byrne, having consulted with the Company's nominated adviser, Westhouse Securities Limited, considers that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Application to AIM and Total Voting Rights

Application has been made for the New Shares to be admitted to trading on AIM and it is expected that admission of the New Shares will take place at 8.00 a.m. on 25 April 2013 ("Admission").

Following issue of the new shares the Company's issued share capital now consists of 35,739,711 ordinary shares of €0.01 each, with each ordinary share carrying the right to one vote.  There are no shares held in treasury.

The above figure of 35,739,711 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

Enquiries:

Connemara Mining Company Plc
John Teeling, Chairman	[phone]
Blythe Weigh Communications	[phone]
Tim Blythe	[phone]
Robert Kellner	[phone]
Westhouse Securities Limited
Richard Baty	[phone]
Jonathan Haines
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]
Pembroke Communications
David O'Siochain	[phone]

 

END

 

 

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