(Alliance News) - Shares in Tertiary Minerals PLC surged on Tuesday as the mineral exploration & development company said it has raised GBP275,000 through the placing of 100 million shares at 0.275 each.
The stock was trading 26% higher at 0.40 pence each on Tuesday morning in London.
Proceeds realised from the placing will be used to fund development work for its Pyramid Gold project in the US state of Nevada as well as the Paymaster Polymetallic project, also in Nevada.
Following admission, Tertiary Minerals' total share capital will comprise of 733.4 million shares.
"We are very pleased to have attracted new investor interest in the company and now have have sufficient funding for the near-term and to execute the first drill hole on our exciting Pyramid Gold project," said Managing Director Richard Clemmey.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Tertiary Minerals (TYM)