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(Alliance News) - Tertiary Minerals PLC shares jumped on Thursday, after it said it has raised GBP250,000 to continue evaluating its copper exploration projects portfolio.
The Zambia and Nevada, US-focused explorer focusing on energy transition and precious metals said the proceeds were raised through a placing of 178.6 million new shares and 89.3 million attached warrants at a price of 0.14 pence per share.
It said this represented a discount of approximately 6.7% to the closing bid-price for Tertiary shares on Wednesday.
Shares in the precious metals explorer were up 15% at 0.16p each in London on Thursday afternoon.
Tertiary Minerals will issue one warrant for every two placing shares, entitling the holder to subscribe for a one new ordinary share at a price of 0.28p at any time within 12 months from the date of admission.
The placing was arranged through the company's joint broker, Peterhouse Capital Ltd.
Tertiary Minerals said that proceeds will be used for exploration activities at its projects in Zambia and Nevada, as well as working capital.
Following admission of the placing shares, the company's enlarged share capital will be 1.98 billion shares. Admission is expected on or around Wednesday.
Executive Director Patrick Cheetham said: "The funds raised will allow us to extend our field programmes in Zambia and now that the wet season is ending, and access routes are drying out, we will be initiating field activities as soon as possible. We expect a field team will start soil sampling at the Lubuila Copper Project and then move on to Mukai and Mushima North just as soon as our environmental permits are approved."
By Sophie Rose, Alliance News reporter
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