Connemara Mining, the Irish gold and zinc exploration and development company, has announced a strategic financing and Board restructuring.
- Connemara Mining’s strategic financing plan is to raise £900 000 through the issue of 21 686 747 new ordinary shares at a price of 4.15p per share, with Metal Tiger plc to subscribe for £200 000.
- Directors of Connemara (John Teeling and Jim Finn) are to convert outstanding unpaid historic salaries totalling £199 500 into company equity at the placing price of 4.15p through the issue of 4 807 228 shares. Board restructuring with Patrick Cullen to become Executive Director and full-time CEO and John Teeling becomes Non-Executive Chairman.
- Michael McNeilly (CEO of Metal Tiger plc) and David Cockbill (Corporate Finance Executive at First Equity Ltd) to become new Non-Executive Directors of the company and previous Non-Executive Directors Vivion Byrne, Danesh Varma and Gavin Berkenheger to step down from the board.
- Monies raised will enable the acceleration of operational activities across the company’s gold and zinc portfolio in Ireland.
Non-Executive Chairman of Connemara Mining, John Teeling, commented: “The developments announced today are very significant for the growth of the company. Patrick Cullen, since joining the company in 2017 has pushed forward vigorously our project portfolio and will continue to drive company developments in an energetic and proactive manner, henceforth from the board of the company with full executive authority.”
“I would like to welcome our two new London based directors, each active in natural resource financing, who will assist in the development of our business and bringing our business proposition to a far wider audience. I want to thank the directors who are standing down. Viv Byrne has been with us since day one and his support over the years is appreciated. Danesh too, despite a worldwide portfolio, was always available for advice, counsel and support. Gavin will continue his work on our properties in a consultancy capacity. I thank all three.”
“It is a new dawn, zinc and gold are attractive minerals at present and the forward dynamics look robust for the metals. Connemara Mining has the ground, the finance and the people to drive the projects and, importantly, to bring our story to the attention of a diverse investor base.”