Last checked at 5 Mar 2019 12:31
5th 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 | +353 (0) 1 833 2833 |
| ||
Patrick Cullen, CEO | +353 (0) 87 272 1748 |
| ||
| +44 (0) 755 237 8208 |
| ||
|
|
| ||
SP Angel Corporate Finance LLP |
|
| ||
Matthew Johnson/Jamie Spotswood | +44 (0) 203 470 0470 |
| ||
|
|
| ||
First Equity Limited |
|
| ||
Jason Robertson | +44 (0) 207 374 2212 |
| ||
|
|
|
| |
Blytheweigh | +44 (0) 207 138 3204 |
| ||
Julia Tilley | +44 (0) 781 506 8387 |
| ||
Jane Lenton | +44 (0) 742 756 1762 |
| ||
|
|
| ||
Teneo |
| |||
Luke Hogg | +353 (0) 1 661 4055 |
| ||
Alan Tyrrell | +353 (0) 1 661 4055 |
| ||
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) |
| ||||||||||
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) |
| ||||||||||
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) |
| ||||||||||
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 | ||||||||||