Minco, the exploration company with 38 licences in Ireland, is yet another company to mount the information technology bandwagon.

It has raised £270,000 net from a private placing to 2.2 million new shares at 12p per share. The new shares represent 6.4 per cent of the enlarged equity.

Minco, formerly Irish Marine Oil, has its shares quoted on ofex. Unchanged yesterday at 14p sterling, the company is valued at £4.5 million.