Connemara Mining raises funds to cut costs

18th Sep 2014 15:41

Connemara Mining company raised £400,800 on Thursday by issuing 20m shares at a price of 2p per share.The funding will allow the company to work on its portfolio of exploration projects in Ireland and pay on-going corporate costs.Connemara's directors John Teeling and James Finn also agreed to subscribe for 1.25m shares each.On Wednesday, the group announced a €0.14m loss before tax in the first half of the year, although this was a better result than the £0.19m loss in the same period last year.The admission of the new shares will take place on 24 September.Shares were down 25% to 2.25p on Thursday at 15:15.