The most promising gold mind on the island is Currinahault in County Tyrone, Northern Ireland. It is operated by Toronto-listed company Dalradian. The Monaghan-Fermanagh border, on the seam between north and south, is also considered a prospective area.
Connemara also holds licences to explore for zinc, and is looking for the industrial metal in four parts of the country. In two of these it is the junior partner in a collaboration with major zinc producer Teck.
In 2007 it made a "significant" zinc discovery in Stonepark, Limerick and has unearthed more of the metal since. It is also searching for zinc in on the border of Cavan and Meath, Tipperary and another mine near Stonepark.
Connemara, which is listed on London's Aim index, raised the extra cash by issuing 20,040,000 ordinary shares priced at 2p.
Chairman John Teeling, a well-known Irish entrepreneur, and finance boss James Finn, bought 1,250,000 new shares each.
The shares will be worth €0.01 each when they start trading on Aim later this month.
Connemara said it would use the proceeds to "fund further work on the portfolio of exploration projects in Ireland and pay ongoing corporate costs".
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