(Alliance News) - Tertiary Minerals PLC has raised GBP600,000 to fund ongoing exploration work and cover it for the Covid-19 pandemic, it said on Thursday.
Shares were 60% higher on Thursday morning in London at a price of 0.29 pence each.
US-based specialist institutional investor Precious Metals Capital Group LLC is investing the GBP600,000.
Precious Metals Capital will prepay for shares to be issued within 24 months at its own request. The number of shares to be issued will be determined by dividing the subscription amount by 95% of Tertiary's prevailing share price, which will be the average of the five daily volume-weighted average prices during a specific period prior to the issue of shares.
The investor can also make another investment of not more than GBP600,000 within 12 months after the date of this first placement, but only with Tertiary's consent.
Tertiary said the funds will be used for exploration once work at the Pyramid gold and Paymaster polymetallic projects in Nevada is completed.
Tertiary Managing Director Richard Clemmey commented: "The recent impact of Covid-19 on the markets and investment outlook has been substantial.
"We are therefore very pleased to have attracted further interest from a specialist US institutional investor where the funding will further strengthen the company's cash position and provide additional working capital during these uncertain times as well as enable the company to continue with the planned exploration on its Paymaster polymetallic and Pyramid gold projects in Nevada."
By George Collard; georgecollard@alliancenews.com
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Tertiary Minerals (TYM)