Fundraising and Issue of Equity

RNS Number : 9682R

Connemara Mining Company plc

18 September 2014

 



18^th September 2014

Connemara Mining Company

Fundraising and Issue of Equity

Connemara (AIM: CON) announces that it has raised £400,800 through the issue of 20,040,000 ordinary shares of €0.01 each (the "New Shares") at a price of 2 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 fundraising two of the Company's directors Dr John Teeling and Mr James Finn, have agreed to subscribe for 1,250,000 shares each.  The directors' holdings following the Transaction are set out below:

Name	Number of New Shares subscribed for cash	Total shareholding following the Transaction	Holding following  the Transaction as a percentage of the Company's issued ordinary share capital
John Teeling	1,250,000	5,270,001	9.45%
James Finn	1,250,000	5,283,001	9.47%
Graham Reid	0	310,000	0.56%
Edward Vivion Byrne	0	0	0

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 24^th September 2014 ("Admission").

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.  There are no shares held in treasury.

The above figure of 55,779,711 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.

Ends

Connemara is a diversified exploration company with principal assets in base metal zinc/lead exploration licences as well as shear hosted gold exploration licences in Ireland.  The company holds interests in 29 licences covering an area of approximately 1,115 sq km.

This announcement has been reviewed and approved by the Company's technical director Graham Reid (P.Geo) in his capacity as the Qualified Person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange.  Mr Reid is a Professional Member of The Institute of Geologists of Ireland (IGI) and The Society of Exploration Geophysicists (SEG) and has over 30 years' experience in mineral exploration and site investigation fields.

Enquiries:

Connemara Mining Company Plc
John Teeling, Chairman	[phone]
Jim Finn, Director
Westhouse Securities Limited
Martin Davison	[phone]
Robert Finlay
Blytheweigh	[phone]
Tim Blythe	[phone]
Halimah Hussain	[phone]
Camilla Horsfall	[phone]
Pembroke Communications
Natalie Tennyson	[phone]
Alan Tyrrell	[phone]

www.connemaramining.com

 

END

 

 

MSCLRMFTMBTBBBI