Last checked at 9 Jul 2010 12:26
9th July, 2010
Connemara Mining Company Plc
Placing
Connemara Mining Company plc ('the Company'), announces that it has conditionally raised £1.06 million, before expenses, through a placing of 5,283,000 new ordinary shares of €0.01 each in the Company at a price of 20 pence per ordinary share ('the Placing').
The proceeds from the Placing will finance expected drilling at the Stonepark zinc discovery in Limerick and a new drilling programme on licences adjacent to the Lisheen zinc mine. The Stonepark programme is a joint venture with and operated by Teck Ireland Ltd., a subsidiary of Teck Resources Limited - Canada's largest diversified mining company.
The new shares have been placed with a number of new and existing investors by Smith & Williamson Corporate Finance Limited and Optiva Securities Limited. The Placing has been performed under existing share allotment authorities, and the placing shares equate to 25.8% of the enlarged issued share capital of the Company following completion of the Placing.
Application will be made for the placing shares to be admitted to trading on AIM. Dealing is expected to commence on or about 26 July 2010. Completion of the Placing is conditional, amongst other things, on such admission becoming effective.
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| Connemara Mining Company Plc |
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| John Teeling, Chairman | +353 (0)1 833 2833 |
| Jim Finn, Financial Director |
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| Smith & Williamson Corporate Finance Limited |
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| Nick Reeve |
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| Barrie Newton | +44 (0) 117 3762213 |
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| Optiva Securities Limited |
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| Jason Robertson | +44(0)203 137 1906 |
| Jeremy King | +44(0)203 137 1904 |
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| College Hill |
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| Nick Elwes | +44 (0) 207 457 2020 |
www.connemaramining.com