Bluejay Mining PLC - Greenland and Finland-focused miner - Raises GBP600,000 via a private placement of 60.0 million shares to new shareholders at 1.0 pence each. This represents a 15% discount to Tuesday's closing price of 1.17p. Says that it intends to use the funds for its 100%-owned Hammaslahti copper-zinc-silver-gold project in eastern Finland, where it is currently working on a mineral resource estimate.
Bluejay has already completed two phases of diamond drilling at Hammaslahti this summer and is awaiting final assay results on the second phase holes. It is also expecting results from an ongoing lithogeochemical and petrographic study, as well as some further regional geochemical analysis.
Bluejay is continuing discussions with strategic investors about partnering on one or more of its base metals projects, it says. "The immediate use of these funds will position us for a productive and pivotal second half of 2023, and what we believe could be a transformational 2024," says Executive Chair Robert Edwards.
Current stock price: 1.02 pence, down 13% on Wednesday, giving market capitalisation of GBP11.5 million
12-month change: down 84%
By Holly Beveridge, Alliance News reporter
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Bluejay (JAY)