Fam9 Dec 2015 08:27
FinnAust Mining plc ('FinnAust' or the 'Company')
Acquisition, Placing, Board Changes and Notice of General Meeting
FinnAust Mining plc, the AIM listed exploration company with projects in Finland and Austria, is pleased to announce it has signed a binding agreement to acquire an initial 60% interest in Bluejay Mining Limited ('Bluejay') (the 'Bluejay Acquisition'). Bluejay is the 100% owner of the 126sq km high grade Pituffik titanium project in Greenland ('Pituffik Project'). The Bluejay Acquisition will see the Company expand its presence in the broader Nordic region in line with its stated strategy of building a multi-commodity portfolio of high value assets. The Bluejay Acquisition is conditional on Greenlandic regulatory approval and Shareholder approval to be sought at a General Meeting to be held by FinnAust, details of which are set out below.
Highlights
· Acquisition price of £0.9 million satisfied through the issue of up to 164,655,885 new ordinary shares (no cash component) with an option to acquire the remaining 40%
· Placing of 10 million New Ordinary Shares at 2 pence to raise £200,000 with major shareholder Western Areas Limited ('Western Areas') and Bluejay Placees demonstrating strong support for the Company and the Pituffik Project
· The presence of a very large and unusually pure titanium occurrence has been demonstrated by initial 2015 fieldwork by Bluejay as well as historical work by the Geological Survey of Greenland and Denmark ('GEUS')
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