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Connemara raises £900k to accelerate gold and zinc exploration

Connemara has raised £900,000 through the issue of 21,686,747 new ordinary shares at a price of 4.15p per share, with Metal Tiger plc subscribing for £200,000.  Directors (John Teeling and Jim Finn) have converted 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.  The Board has been restructuring with Patrick Cullen becoming Executive Director and full-time Chief Executive Officer and John Teeling becoming Non-Executive Chairman, while Michael McNeilly (Chief Executive Officer of Metal Tiger plc) and David Cockbill (Corporate Finance Executive at First Equity Limited) become new Non-Executive Directors of the Company.

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