Fundraising of £230,000

RNS Number : 9124R

Connemara Mining Company plc

05 March 2019

 

5^th March 2019

Connemara Mining Company plc

("Connemara" or the "Company")

Fundraising of £230,000

Connemara Mining Company plc (LON: CON), the Irish gold and zinc exploration and development company, is pleased to announce that it has raised £230,000 from directors and existing shareholders, by way of a placing of 18,400,000 new ordinary shares ("the Placing Shares") at a price of 1.25p per ordinary share ("the Placing").  For each new share subscribed, the investor will be entitled to one warrant to subscribe for an additional ordinary share at a price of 1.8p per share at any time before 11 September 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.  The Company looks forward to updating shareholders following the extraordinary general meeting on 12 March 2019 regarding the proposed Company name change.

Directors' Holdings

Certain directors of the Company have participated in the Placing as follows:

Name	No. of Placing Shares Issued	Resultant Shareholding	% of Enlarged Share Capital
James Finn	800,000	9,063,527	6.85
David Cockbill	444,444	935,408	0.71
Patrick Cullen	800,000	800,000	0.61

Related Party Transaction

The subscription for placing shares and warrants by James Finn, David Cockbill and Patrick Cullen (the "Directors' Participation") is a related party transaction under the AIM Rules for Companies.  John Teeling and Michael McNeilly, who are independent directors for the purposes of the transaction, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, considers the terms of the Directors' Participation to be fair and reasonable insofar as shareholders are concerned.

Admission and Total Voting Rights

An application has been made for the admission of the Placing Shares to trading on AIM which is expected to occur on or around 11 March 2019 ("Admission").  Following the Admission of the Placing Shares, there will be a total of 132,311,593 ordinary shares in issue with each share carrying the right of one vote.  The above figure may be used by shareholders as the denominator for the calculations by which they will deter if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Information for Editors

Connemara is a diversified exploration company with principal assets in gold and zinc exploration licences across Ireland.  Connemara currently holds interests in a total of 37 licences, including joint ventures with Teck Ireland Ltd. at the Oldcastle Zinc Project and with Group Eleven Resources Corp. at the Stonepark Zinc Project.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.

ENDS

Enquiries:

Connemara Mining Company Plc
John Teeling, Chairman	[phone]
Patrick Cullen, CEO	[phone]
	[phone]
SP Angel Corporate Finance LLP
Matthew Johnson/Jamie Spotswood	[phone]
First Equity Limited
Jason Robertson	[phone]
Blytheweigh	[phone]
Julia Tilley	[phone]
Jane Lenton	[phone]
Teneo
Luke Hogg	[phone]
Alan Tyrrell	[phone]

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	James Finn
2	Reason for the notification
a)	Position/status	Finance Director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Connemara Mining plc
b)	LEI	2138000CT8MOLMNEQ44
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of Euro 0.01 each IB00B2357X72
b)	Nature of the transaction	a)    Placing b)    Grant of warrants
c)	Price(s) and volume(s)	Price(s) Volume(s) a)    1.5p 800,000 b)    1.8p 800,000
d)	Aggregated information -      Aggregated volume -      Price	As above
e)	Date of the transaction	5 March 2019
f)	Place of the transaction	London Stock Exchange, AIM

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Patrick Cullen
2	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Connemara Mining plc
b)	LEI	2138000CT8MOLMNEQ44
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of Euro 0.01 each IB00B2357X72
b)	Nature of the transaction	a)   Placing b)   Grant of warrants
c)	Price(s) and volume(s)	Price(s) Volume(s) a)    1.5p 800,000 b)    1.8p 800,000
d)	Aggregated information -      Aggregated volume -      Price	As above
e)	Date of the transaction	5 March 2019
f)	Place of the transaction	London Stock Exchange, AIM

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Cockbill
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Connemara Mining plc
b)	LEI	2138000CT8MOLMNEQ44
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of Euro 0.01 each IB00B2357X72
b)	Nature of the transaction	a)   Placing b)   Grant of warrants
c)	Price(s) and volume(s)	Price(s) Volume(s) a)    1.5p 444,444 b)    1.8p 444,444
d)	Aggregated information -      Aggregated volume -      Price	As above
e)	Date of the transaction	5 March 2019
f)	Place of the transaction	London Stock Exchange, AIM

 

END

 

 

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