Business
Fundraising of £230,000
Fundraising of £230,000.
About this update from Arkle Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9124R Connemara Mining Company plc 05 March 2019 \n\n5th March 2019\n \nConnemara Mining Company plc\n \n(\"Connemara\" or the \"Company\")\n\n\nFundraising of £230,000\n \nConnemara 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.\n \nThe 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.\n \nDirectors' Holdings\n \nCertain directors of the Company have participated in the Placing as follows:\n \n\n\n\n\nName\n\n\nNo. of Placing Shares Issued\n\n\nResultant Shareholding \n\n\n% of Enlarged Share Capital\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nJames Finn\n\n\n800,000\n\n\n9,063,527\n\n\n6.85\n\n\n\n\nDavid Cockbill\n\n\n444,444\n\n\n935,408\n\n\n0.71\n\n\n\n\nPatrick Cullen\n\n\n800,000\n\n\n800,000\n\n\n0.61\n\n\n\n\n \n \nRelated Party Transaction\n \nThe 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.\n \nAdmission and Total Voting Rights\n \nAn 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 Admi...