Group 11 raises €3.6m through a share offering but Glencore does not partake

Zinc miners at work. Photo: Getty

Mineral exploration firm Group 11 has raised almost €3.6m through a share offering and plans to use it to expand its ongoing drilling programme at its Ballywire lead and zinc prospect in Co Limerick.

Industry giant Glencore, which had owned over 18pc of Group 11 in the past, did not exercise its participation right, which was triggered by the offering, and saw its holding fall to 14.1pc.

Canadian metals investor ­Michael Gentile has retained his 15.3pc interest in the Irish-­focused firm.

The Sunday Independent has previously reported Glencore is said to be considering a sale of its nearby Pallas Green zinc ­asset, which is close to Ballywire and one of a number of potentia

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