Bluejay Mining PLC - London-based base metals and gold exploration and development company with projects in Greenland and Finland - Raises GBP1.2 million through a placing of 400 million shares at 0.4p. New members of Bluejay's board of directors contributed GBP150,000 to this fundraising effort, which the company on Tuesday said would go towards financing field activities, travel, legal and administrative costs, as well as providing general working capital. The company says the funds will allow it to "restore faith and focus on the company's assets and reinvigorate momentum on its portfolio of high quality projects".
The company says it has conducted a strategic review of its operations with a view to cutting costs across the entire business, and remains focused on the 2,776 square kilometre Disko-Nuussuaq Magmatic massive sulphide nickel-copper-platinum-cobalt project on Greenland's west coast. Value-enhancing work programmes are being progressed for the Disko project with Bluejay's joint venture partner, KoBold Metals.
Current stock price: 0.43 pence per share, down 5.5% in London on Wednesday afternoon.
12-month change: down 91%
By Hugh Cameron, Alliance News reporter
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Bluejay (JAY)