Minmet subsidiary Connary has placed 10.2 million new 1p shares at 2.5p a share. The placing will raise £255,000 for the company and will be used to continue gold exploration near Oporto in Portugal. The company has already found a deposit in the area and plans to drill further and to test samples found during its most recent drilling programme. Minmet now holds almost 54 per cent of outstanding equity in Connary.