Tertiary Minerals plc is pleased to announce that it has raised £500,000 before expenses by way of a placing of 50,000,000 new ordinary shares at 1p per share. The Placing was made via a single institutional investor. The Placing Shares will rank pari-passu with all existing ordinary shares in the Company.
The Company is planning to use the majority of the funds for continuing the evaluation and development of its key fluorspar projects, project work to include:
- MB Project, Nevada USA
- Metallurgical Testwork
- Economic Modelling
- Scoping Study
- Mine Permit Planning
- Storuman Project, Sweden
- Handling the Appeal process for the Exploitation (Mine) Permit granted on the 18 February 2016.
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 1 pence in Tertiary to be admitted to trading on AIM (“Admission”), and it is expected that Admission will occur on or around 10 June 2016.
In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTR”), following the issue and Admission, the total issued share capital of the Company with voting rights will be 266,845,276 ordinary shares.
The above figure of 266,845,276 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: “The Company is pleased to be able to raise funds in challenging market conditions for resource companies. The funds will allow the Company to maintain progress on its key fluorspar projects towards production, in particular to move forward with the development studies at our large MB fluorspar project in Nevada.”
Tertiary Minerals plc
Patrick Cheetham, Executive Chairman
Richard Clemmey, Managing Director
+44 (0)1625 838 679
|SP Angel Corporate Finance LLP
Nominated Adviser & Joint Broker
Ewan Leggat / Tercel Moore
+44 (0)203 470 0470
|Beaufort Securities Ltd
+44 (0)207 382 8300
|+44 (0)7976 431608|
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.