Connemara Mining places new shares

CONNEMARA MINING, the Irish AIM listed zinc exploration company, has announced an institutional placing of 5,250,000 new shares at 20p.

The funds will be used on an expanded Limerick exploration programme and on drilling the 100% owned Thurles block of licences in Tipperary.

Allocated to each new share is a 12-month warrant to buy one share exercisable at a price of 35p. Should the Connemara price stay at or above 35p for five consecutive trading days during the exercise period, the directors can call for an early conversion. If the warrants are not then exercised, they will lapse after 21 days.