Tertiary Minerals Regulatory News (TYM)

27 Apr 2005 13:32

Tertiary Minerals PLC27 April 2005 April 27, 2005 www.tertiaryminerals.com DIAMOND SUBSIDIARY'S OFFER FOR SUBSCRIPTION CLOSES OVER-SUBSCRIBED • Subscriptions received for £450,335 • Tertiary Retains 20,000,000 shares in Sunrise Diamonds plc • Further Fundraising Begins In Preparation For AIM Admission Tertiary Minerals plc ("Tertiary") is pleased to announce that its subsidiary,Sunrise Diamonds Plc ("Sunrise"), has successfully completed an offer forsubscription of up to 30,000,000 ordinary shares at 1p each ("the Offer"). TheOffer, which was heavily oversubscribed, also included an offer to existingTertiary shareholders whereby each Tertiary Shareholder (other than thoseresident overseas) was offered 1 Ordinary Share in Sunrise for each 2 ordinaryshares held in Tertiary. Under the terms of the Offer the directors of Sunrisealso reserved the right to issue an additional 10,000,000 Ordinary Shares if theOffer was over-subscribed. Valid subscriptions had been received for 45,033,514 Ordinary Shares in Sunrisewhen the offer closed at 3.00pm on 26 April 2005. As a result, the Offer,designed as a seed corn opportunity for Tertiary shareholders, will have raisedbetween £300,000 and £400,000 before expenses depending on the extent to whichthe Directors of Sunrise utilise the over-subscription facility. Funds raisedwill be used for Sunrise's working capital and to meet the costs of the plannedadmission of Sunrise to trading on AIM. Tertiary will retain 20,000,000 sharesin Sunrise. Shareholders will be informed of their allocations when sharecertificates in Sunrise are sent out, by 5 May 2005. As has previously been indicated, Sunrise plans to carry out further fundraisingfollowing the close of the Offer and prior to admission of Sunrise's shares totrading on AIM. Additional funds will be used for exploration of Sunrise'sFinnish diamond interests. Sunrise has appointed Ruegg & Co as Nominated Adviserand W.H.Ireland will be its Broker. Sunrise has acquired rights to all of Tertiary's diamond interests in Finlandincluding three kimberlites in the Kuusamo area of the Karelian Craton whichwere drilled last year and 45 other untested targets in the same area of thiscraton. The initial work programmes for these targets will include groundmagnetic surveys, till sampling and diamond drilling. Further Information: Patrick Cheetham, Tertiary Minerals Plc. Tel: 01625-626203. Mobile: 07767-458751John Greenhalgh/Ron Marshman, City of London PR Ltd. Tel: 020-7628-5518Laurie Beevers, W.H.Ireland, Tel: 0161 832 2174 This information is provided by RNS The company news service from the London Stock Exchange