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Tertiary Minerals #TYM – Placing to raise £500k and £100k Broker Option
Tertiary Minerals plc (AIM: TYM), the London listed explorer focussed on energy transition and precious metals in Nevada and Zambia, is pleased to announce it has raised £500,000 before expenses through a placing of 294,117,647 new ordinary shares of 0.01 pence each (the “Placing Shares”) in the Company at a price of 0.17 pence per share (the “Placing Price”) as detailed below (the “Placing”). The Placing was arranged through the Company’s joint broker, Peterhouse Capital Limited (“Peterhouse”). The Placing Shares are expected to be admitted to trading on AIM on or about 24 January 2022 (“Admission”).
Additionally, the Company is making a further 58,823,529 new ordinary shares (“Broker Option Shares”) available in order to provide qualified Tertiary shareholders and other qualified investors with an opportunity to participate in this fundraising (the “Broker Option”). The Placing Shares and Broker Option Shares will rank pari-passu with all existing ordinary shares in the Company. Investors will receive one warrant for every two Placing Shares or Broker Option Shares (the “Warrant”). The Warrants will be exercisable at 0.34 pence and have a term of 18 months.
Highlights
– Placing to raise £500,000 through the issue of 294,117,647 Placing Shares
– Proceeds to fund drilling and direct exploration activities in Nevada and Zambia
– Admission of the Placing Shares to trading on AIM expected on or around 24 January 2022
– Directors participating an aggregate of £40,000 for 23,529,411 Placing Shares in support of the fundraising
– Further 58,823,529 Broker Option Shares available to qualified shareholders or other qualified investors via Peterhouse to raise up to £100,000 in further funding
Commenting today, Managing Director Patrick Cullen said: “The Company is entering a very active phase. We have drilling programs targeting silver and gold at Pyramid in Nevada and copper at Jacks in Zambia due to progress in the coming months. This funding strengthens our balance sheet, allowing us to expand our exploration budgets.
I am pleased to have this opportunity to take a direct interest in the Company alongside support from other Directors and with the continued support of existing significant shareholders. I am also pleased to welcome existing shareholders and other qualifying investors who may wish to participate in the Broker Option outlined.
Nevada and Zambia are mining-friendly jurisdictions and are geologically highly prospective. In addition to the planned drilling, we are increasing our activities across the Company’s portfolio of copper projects at Brunton Pass in Nevada and on our newly signed options in Zambia.”
Placing Details
The Company has placed 294,117,647 new ordinary shares at 0.17 pence raising gross proceeds of £500,000 before expenses (approximately £475,000 net proceeds to the Company). The Placing Shares will have Warrants attached, details of which are set out below.
The Placing Price represents a discount of approximately 5.5% to the closing bid-price on 18 January 2022. The Placing Shares will represent approximately 19.9% of the Company’s issued ordinary share capital as enlarged by the Placing (excluding any shares issued via the Broker Option).
The Placing Shares are being issued under the Company’s existing share authorities.
Use of Proceeds
The net funds raised will be applied to drilling and direct exploration activities at the Company’s projects in Nevada and Zambia scheduled throughout 2022, including diamond and reverse circulation drilling, trenching, soil sampling survey and geophysics.
Warrants
The Company will issue to investors one Warrant for every two Placing Shares or every two Broker Option Shares to subscribe for a further new ordinary share at a price of 0.34 pence within a term of 18 months from the relevant date that Placing Share or Broker Option Share is admitted. The Warrants are not transferable and will not be traded on an exchange. The Warrant holders may exercise at any time within the relevant term. A total of 147,058,823 Warrants will be issued in the Placing. Up to 29,411,764 Warrants may be issued in the Broker Option. The Warrants in the Placing and the Broker Option will be issued under the Company’s existing share authorities.
Broker Warrants
As part of its fee, Peterhouse will be issued with 14,705,882 warrants (“Broker Warrants”) to subscribe for further new ordinary shares at the Placing Price of 0.17 pence. The Broker Warrants have a term of one year from the date of Admission and are being issued under the Company’s existing share authorities.
Broker Option
In order to provide qualified Tertiary shareholders (“Existing Shareholders”) and other qualified investors with an opportunity to participate on the same basis as the Placing (with the same Placing Price and identical Warrant entitlement), the Company has granted Peterhouse a Broker Option over 58,823,529 Broker Option Shares. Full take up of the Broker Option Shares would raise a further £100,000 for the Company, before expenses. The Broker Option Shares will be issued under the Company’s existing share authorities.
Existing Shareholders who hold shares in the Company and are on the register of members as at the close of business on 18 January 2022, will be prioritised for participation in the Broker Option (other than at the discretion of Peterhouse) and all orders from such Existing Shareholders will be accepted and processed by Peterhouse on a strictly “First Come, First Served” basis. The Broker Option has not been underwritten. Peterhouse is entitled to participate in the Broker Option as principal.
The Broker Option may be exercisable by Peterhouse on more than one occasion, at any time from the date of this announcement to 5.00 p.m. UK time on 20 January 2022, at its absolute discretion, following consultation with the Company. There is no obligation on Peterhouse to exercise the Broker Option or to seek to procure subscribers for the Broker Option Shares. Peterhouse may also, subject to prior consent of the Company, allocate new ordinary shares after the time of any initial allocation to any person submitting a bid after that time.
Peterhouse may choose not to accept bids and/or to accept bids, either in whole or in part, on the basis of allocations determined at their discretion (after consultation with the Company) and may scale down any bids for this purpose on such basis as Peterhouse may determine. Peterhouse may also, subject to prior consent of the Company, allocate new Ordinary Shares after the time of any initial allocation to any person submitting a bid after that time.
The Broker Option Shares are not being made available to the public and none of the Broker Option Shares are being offered or sold in any jurisdiction where it would be unlawful to do so. No Prospectus will be issued in connection with the Broker Option.
Subscription to Broker Option
To subscribe for Broker Option Shares, Existing Shareholders and other qualified investors should communicate their bid to Peterhouse via their stockbroker as Peterhouse cannot take direct orders from individual private investors. Existing Shareholders or other interested parties who wish to register their interest in participating in the Broker Option Shares should instruct their stockbroker to call Peterhouse on STX: 76086 or 020 7469 0938 or 020 7469 0936 or 020 7220 9797. Each bid should state the number of Broker Option Shares the Existing Shareholder or other qualified investor wishes to subscribe for at the Placing Price.
Directors’ Participation
Certain Directors of the Company are participating in the Placing at the Placing price for an aggregate amount of £40,000, further details of which are shown below:
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Holding prior to the announcement of Placing |
Number of Placing Shares acquired pursuant to the Placing |
Holding immediately following Admission of the Placing Shares |
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Number of Ordinary Shares |
% of issued share capital |
Number of Ordinary Shares |
Number of Ordinary Shares |
% of issued share capital |
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Patrick Cheetham, Executive Chairman |
12,641,471* |
1.07 |
8,823,529 |
21,465,000 |
1.45 |
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Patrick Cullen, Managing Director |
– |
– |
5,882,353 |
5,882,353 |
0.40 |
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Mike Armitage, Non-Executive Director |
– |
– |
8,823,529 |
8,823,529 |
0.60 |
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Donald McAlister, Non-Executive Director |
2,937,609 |
0.25 |
– |
2,937,609 |
0.20 |
*includes 2,843,625 held by K E Cheetham
Patrick Cheetham, Patrick Cullen and Mike Armitage will also receive one Warrant for every two Placing Shares acquired.
As Directors of the Company, Patrick Cheetham, Patrick Cullen and Mike Armitage are “related parties” of the Company under the AIM Rules for Companies (the “AIM Rules”). As a result, their participation in the Placing constitutes a related party transaction pursuant to Rule 13 of the AIM Rules.
Accordingly, Donald McAlister, being the sole independent Director of the Placing, considers, having consulted with the Company’s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the Directors’ participation in the Placing are fair and reasonable in so far as the Company’s shareholders are concerned.
Admission
The Placing and Broker Option Shares will rank pari passu with the Company’s existing ordinary shares. An application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM. Admission is expected to occur at 8.00 a.m. on or around 24 January 2022. A further application will be made to the London Stock Exchange on or around 20 January 2022 for Broker Option Shares to be admitted to trading on AIM.
Total Voting Rights
Following Admission of the Placing Shares (and excluding any new ordinary shares issued via the Broker Option) the Company’s enlarged issued share capital will be 1,477,440,092 ordinary shares.
The Company holds no ordinary shares in treasury. The total number of voting rights in the Company is therefore 1,477,440,092 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
For more information please contact:
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Tertiary Minerals plc: |
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Patrick Cullen, Managing Director |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP – Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Peterhouse Capital Limited – Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM-listed mineral exploration and development company whose strategic focus is on energy transition and precious metals. The Company’s portfolio of projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.
Alan Green covers AEX Gold #AEXG and Poolbeg Pharma #POLB on this week’s Stockbox Research Talks
Alan Green covers AEX Gold #AEXG and Poolbeg Pharma #POLB on this week’s Stockbox Research Talks
#POW Power Metal Resources – Uranium Portfolio Update – Athabasca Basin
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update on its uranium portfolio which includes seven 100% owned interests (the “Portfolio” or “Properties”) covering 411.96km2 surrounding the Athabasca Basin in northern Saskatchewan, Canada.
Further information in respect of the Properties, including a location map may be viewed in the website link below:
https://www.powermetalresources.com/project/athabasca-basin/
Portfolio Updates:
– Power Metal has completed an in-depth historic data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historic work programmes completed across the various Properties.
– Power Metal recently retained a UK-based geological consultant with extensive Athabasca Basin experience to help push forward the Company’s various initiatives and projects within the exciting uranium space. The consultant previously completed a M.Sc. thesis from the University of Ottawa where they researched the geochemistry, alteration, and structural geology of one of the many world-class unconformity-related uranium deposits located within the Athabasca Basin.
– Several extensive historical datasets were successfully procured, the data from which, combined with the results obtained from the recently completed Phase I work programme, will allow the Company to begin planning various 2022 exploration initiatives across the Portfolio.
– Further maps and highlights from across the Portfolio will be released by the Company in the coming months. Select findings from the historic data compilation programme for the Tait Hill Property are however highlighted below, demonstrating the information gathered for one property.
– Reflecting the interest shown from third parties in the Properties, a dataroom is being prepared to provide a focal point for those parties wishing to undertake due diligence review.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Our move into uranium exploration has been planned for some time and commenced with the September 2021 staking surrounding the Athabasca Basin. The staking undertaken was highly selective, focusing on areas where historical recorded work had demonstrated uranium mineralisation or where other geological features suggested that ground would be prospective.
Although selective, the seven properties are clearly attracting some interest and we are looking at potential commercialisation options alongside planning for proactive 2022 exploration programmes.
To maximise any commercial outcome, and to optimise exploration we have gathered as much data as possible in respect of the Properties, and the information gleaned is, in our view, highly valuable.”
Tait Hill Property (“Tait Hill” or the “Property”) Data Compilation Highlights
– All data from an high-resolution airborne magnetic, electromagnetic, and radiometric survey flown by Terraquest Ltd., on behalf of Canalaska Uranium Ltd., was obtained by Power Metal. The 2008 high-resolution survey included 4,290 total line-km flown at 150m line-spacing which covers the entire modern day Tait Hill Property.1
– Detailed analysis was undertaken by Canalaska Uranium Ltd., for various radiometric products produced by the airborne survey including uranium (U), thorium (Th) and potassium (K). Specifically, isolated points in the dataset which have high U/Th ratios relative to background, are considered good candidates for uranium-rich surface showings and should be prioritised during future work programmes.1 A total of 11 unique points were identified by the survey within the Tait Hill Property.
– The airborne survey (1st vertical derivative product) highlights multiple northwest-southeast trending magnetic high features which transect the Property. Mapping over the area determined that they correspond to uranium-rich granite and pegmatitic dykes with anomalous scintillometer readings ranging from 350 to 2,500 counts per second (“CPS”). Further investigation is warranted along these structures which are mapped for a combined 16km through the Property.2
– Several zones of uranium-rich mineralisation were identified in the historic results from Tait Hill including rock samples up to 15,150ppm (1.52%), 7,653ppm, and 6,610ppm U, as well as uranium in soil samples up to 14,358ppm (1.44%), 7,049ppm, and 6,692ppm.2,3
– The rock sample that returned 15,150ppm U was taken immediately west of Tait Lake, and was located along a northeast-southwest oriented uranium-rich boulder train which follows the general direction of ice movement in the region (southwest). It was recommended that additional work be completed on this boulder train as further work may lead to the possible source area for these uranium-rich boulders.2
– A new high-priority zone was identified during the 2008 field campaign which was named the ‘NE Shearika Zone’. Here, several uranium-rich rock samples (including 7,654ppm, 6,611ppm, 3,633ppm, and 1,609ppm U) were collected along a sharp contact zone between a granitic intrusion (magnetic high) and the surrounding meta-sedimentary rocks (magnetic low). This contact zone is traced for over 3km within the Tait Hill Property.3
A map highlighting some of the results from the historic data compilation completed on the Tait Hill Property can be found at the following link:
Tait Hill Historic Data Compilation Map|Power Metal Resources plc (LON: POW)
Reference Notes:
1: Operations Report for Canalaska Uranium Ltd., High Resolution Magnetic, XDS VLF-EM & Radiometric Airborne Survey Grease River Project Northern Saskatchewan: April 15, 2008
2: Canalaska Uranium, Report on the 2007 Exploration Programme Grease River Project: July, 2008
3: Canalaska Uranium, Report on the 2008 Exploration Programme Grease River Project: March, 2009
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#ECR ECR Minerals – Holding(s) in Company
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : |
ECR Minerals Plc |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
Colin Braidwood |
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City and country of registered office (if applicable) |
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4. Full name of shareholder(s) (if different from 3.)v |
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Name |
Colin Braidwood |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi : |
11/01/2022 |
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6. Date on which issuer notified (DD/MM/YYYY): |
11/01/2022 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuervii |
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Resulting situation on the date on which threshold was crossed or reached |
8.00% |
N/A |
8.00% |
1,018,058,551 |
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Position of previous notification (if applicable) |
7.02% |
N/A |
7.02% |
1,018,058,551 |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
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GB00BYYDKX57 |
81,515,151 |
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8.00% |
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SUBTOTAL 8. A |
81,515,151 |
8.00% |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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Colin Braidwood |
8.00% |
N/A |
8.00% |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
United Kingdom |
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Date of completion |
11 January 2022
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Annex: Notification of major holdings (to be filed with the FCA only) |
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A: Identity of the person subject to the notification obligation |
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Full name (including legal form for legal entities) |
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Contact address (registered office for legal entities) |
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Phone number / Fax number |
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Other useful information (at least legal representative for legal persons) |
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B: Identity of the notifier, if applicable |
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Full name |
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Contact address |
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Phone number / Fax number |
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Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation) |
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C: Additional information |
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Please send the completed form together with this annex to the FCA at the following email
address: Majorshareholdings@fca.org.uk. Please send in Microsoft Word format if possible.
Alan Green covers Petroteq #PQE and Ananda Developments #ANA on this week’s Stockbox Research Talks
Alan Green covers Petroteq #PQE and Ananda Developments #ANA on this week’s Stockbox Research Talks.
ECR Minerals #ECR – Director Adam Jones Discusses The Latest Drilling Updates with Alan Green
Head Geologist & Director Adam Jones discusses the latest drilling updates with Alan Green. We look at the new license area EL006907 sited between the Ballarat East-Nerrina goldfield and the current Creswick exploration licence area. Adam also covers the new license at the Tambo area, and some recent work he has undertaken to understand the opportunity. We then move to the pre Christmas updates at Bailieston HR3, where results from holes BH3DD010 and BH3DD011 have “exponentially grown the understanding of the Maori Anticline.” Adam explains the ‘dilation jog’ model, the soil anomalies and the implications for HR3 with the data now acquired. We the look at the properties acquired at Bailieston, Creswick and Sebastian, the ‘skyrocketing’ property values there and how they will contribute in 2022, along with the near term assay schedule and milestones, (including progress at Blue Moon) for investors to look out for.
