Cambridge Minerals, the AIM-listed company which is exploring for diamonds and sapphires in the Inishowen peninsula in Co Donegal, has raised £330,000 sterling in a placing of 3.88 million new shares at 81/2p sterling each.

The placing was arranged with institutional and private investors by Cambridge's Irish broker, Campbell O'Connor. The proceeds will be used for exploration on Cambridge's gemstone projects, in particular the diamond project in Donegal.