(Alliance News) - Bluejay Mining PLC Chair Robert Edwards on Tuesday announced a project update following a strategic review of the multi-commodity mining exploration company's portfolio.
Bluejay Mining is a mineral exploration and development company with projects in Greenland and Finland.
Following the review, Chair Edwards said a potential demerger of its subsidiary Disko Exploration Ltd from Bluejay, mulled in June last year, would not benefit shareholders.
Bluejay Mining shares fell 18% to 3.92 pence each in London on Tuesday morning.
The company explained that moving forward, some of its lesser known, 100%-owned projects will be drilled this season. Its central west Greenland-based Kangerluarsuk zinc-lead-silver project will receive "particular imminent focus".
In relation to this, Bluejay announced a USD6 million equity raise, with the first tranche of USD2 million being used to fund a drilling programme at Kangerluarsuk in summer. The raise, at an initial price of 10p, is a staged share subscription by US institutional investor Towards Net Zero LLC.
By Tom Budszus, Alliance News reporter
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Bluejay (JAY)