Shares in Arkle Resources slipped by almost 2 per cent in early trading in London on Monday after the Irish-based gold and zinc explorer announced it had raised £200,000 (€228,100) through a placing of 50 million new ordinary shares at a discounted price of 0.4 pence (0.45 cent) per share.
The company, which has been concentrating on its Irish zinc holdings this year along with its gold licences in Wicklow and Wexford, said the funds would be used for its anticipated zinc drilling programme at Stonepark, Co Limerick, a joint venture with Group Eleven Resources.
Arkle Resources said that directors John Teeling and David Cockbill had both participated in the placing, subscribing for 2.5 million shares each, increasing their shareholding in Arkle to just under 3.4 per cent and 1.9 per cent respectively.
Each new share has the right to subscribe for one new share at 0.5 pence for a period of two years.
Half-year figures published by the explorer last month showed that its profit dipped to €21,000 in the first six months of the year from €37,000 a year earlier, largely due to movement in the fair value of warrants.
