Last checked at 22 Apr 2013 07:00
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
| +353 (0) 1 833 2833 |
Blythe Weigh Communications | +44 (0) 20 7138 3204 |
Tim Blythe | +44 (0) 7816 924 626 |
Robert Kellner
| +44 (0) 7800 554 377 |
Westhouse Securities Limited | |
Richard Baty | +44 (0) 20 7601 6100 |
Jonathan Haines
| |
Optiva Securities Limited | |
Jason Robertson | +44 (0) 203 137 1906 |
Jeremy King
| +44 (0) 203 137 1904 |
Pembroke Communications | |
David O'Siochain
| +353 (0) 1 649 6486 |