Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce that it has raised £300,000 before expenses by way of a placing of 50,000,000 new ordinary shares at 0.6p per share. The Placing Shares will rank pari-passu with all existing ordinary shares in the Company.
The Company is planning to use the funds for working capital and project work, to include:
- Progressing the evaluation and due diligence of acquisition opportunities
Storuman Fluorspar Project, Sweden
- Progressing the re-assessment process of the Exploitation (Mine) Permit by the Swedish Mining Inspectorate
MB Fluorspar Project, Nevada, USA
- Scoping Study level bench scale metallurgical testwork and modelling
Lassedalen Fluorspar Project, Norway
- Due Diligence for the purchase of land and old fluorspar mine workings from Hydro – Lassedalen Fluorspar Project, Norway
The Placing is being made under existing shareholder authorities. Application has been made to the London Stock Exchange for 50,000,000 ordinary shares of 0.01 pence in Tertiary to be admitted to trading on AIM, and it is expected that Admission will occur on or around 02 June 2017.
In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules, following the issue and Admission, the total issued share capital of the Company with voting rights will be 317,076,933 ordinary shares.
The above figure of 317,076,933 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTR.
Richard Clemmey, Managing Director of the Company, commented today: “We are pleased with the continued investor interest in the Company and the placing will provide working capital to progress with the evaluation and due diligence of acquisition opportunities and the continued development of its fluorspar projects.”
Tertiary Minerals plc
Richard Clemmey, Managing Director
Patrick Cheetham, Executive Chairman
+44 (0) 1625 838 679
|SP Angel Corporate Finance LLP
Nominated Adviser & Joint Broker
Ewan Leggat/Lindsay Mair
|+44 (0) 20 3470 0470|
Beaufort Securities Ltd
+44 (0)20 7382 8300
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Notes to Editors
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project).
The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.