(Alliance News) - Tertiary Minerals PLC has secured over GBP600,000 worth of investment for planned exploration programmes in Nevada.
The GBP622,000 investment, which could rise to GBP653,000, has been provided by US-based Bergen Global Opportunity Fund LP via convertible securities.
London-based Tertiary is issuing Bergen 17.0 million shares as a commencement fee, 18.0 million shares to collaterise the agreement, and 22.0 million shares within 48 months.
Tertiary's shares were 17% lower on Wednesday midday at a price of 0.19 pence each.
Tertiary Managing Director said: "The current market for natural resource companies remains very challenging and we are therefore pleased to have secured a flexible method of financing as opposed to a straight equity raise which, in the current market, often come at a large discount to the share price and would be highly dilutive.
"The staged funding now enables the company to move ahead with exploration and development on our two new exciting projects, Pyramid and Paymaster."
By George Collard; georgecollard@alliancenews.com
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Tertiary Minerals (TYM)