Exploration firm Connemara Mining has raised £400,800 (€507,417) through the issuing of 20,040,000 ordinary shares of €0.01 each at a price of 2 pence per share.

The AIM-listed firm said the proceeds would primarily be used to further work on its portfolio of Irish exploration projects.

Connemara is an exploration firm with principal assets in zinc/lead exploration licences as well as shear-hosted gold exploration licences in Ireland.

Following issue of the new shares the company’s issued share capital now consists of 55,779,711 ordinary shares of €0.01 each, with each ordinary share carrying the right to one vote.

As part of the fundraising two of Connemara's directors Dr John Teeling and James Finn, agreed to subscribe for 1,250,000 shares each.