Connemara Mining Raises GBP1.1M Placing 5.3M Shares At 20P Each

9th Jul 2010 12:29

LONDON (Dow Jones)--Connemara Mining Company PLC (CON.LN) said Friday it has raised GBP1.06 million, before expenses, through a placing of 5,283,000 new ordinary shares at a price of 20 pence per ordinary share. MAIN FACTS: -The proceeds from the Placing will finance expected drilling at the Stonepark zinc discovery in Limerick and a new drilling program on licenses adjacent to the Lisheen zinc mine. -The Stonepark program is a joint venture with and operated by Teck Ireland Ltd., a subsidiary of Teck Resources Limited (TCK) a Canadian 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. -Shares at 1127 GMT down 4.3 pence, or 18.3%, at 19.0 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 09, 2010 07:29 ET (11:29 GMT)