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Connemara Mining raises £230,000 to help fund exploration activities at Mine River gold project

Chief executive Patrick Cullen, finance director James Bill and non-executive director David Cockbill all took part in the fundraise

wicklow, ireland
Mine River is located on the border of Wicklow and Wexford, about 50 miles south of Dublin

Irish gold explorer Connemara Mining Company PLC (LON:CON) has raised £230,000 to help support ongoing exploration activities at its Mine River gold project in County Wexford.

Chief executive Patrick Cullen, finance director James Bill and non-executive director David Cockbill all put their hands in their pockets, buying a combined £25,000 worth of shares.

READ: Drilling on schedule at Connemara’s Stonepark zinc project

In total, 18.4mln new shares were issued to directors and other existing shareholders at 1.25p each.

For each share subscribed, investors received one warrant which can be exercised at a price of 1.8p at any time before 11 September 2020.

Connemara said it would provide more details at next week’s general meeting when it will propose changing its name to Arkle Resources PLC.

Shares rose 3.2% to 1.29p on Tuesday afternoon.

Quick facts: Arkle Resources PLC

Price: 1.175 GBX

AIM:ARK
Market: AIM
Market Cap: £1.55 m
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