Last checked at 11 Jul 2014 07:00
Tertiary Minerals plc
www.tertiaryminerals.com
("Tertiary" or "the Company")
11 July 2014
Placing & Issue of Equity
Total Voting rights
Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector is pleased to announce that it has raised £420,000 by way of a placing of 7,304,348 new ordinary shares (the "Placing Shares") at 5.75p per share (the "Placing"). The Placing was made to a small number of institutional investors. The Placing Shares will rank pari-passu with all existing ordinary shares.
The Company will use the funds for the continuing evaluation of its fluorspar projects as set out in its news release of 2 July 2014 and for general working capital purposes.
The Placing is being made under existing shareholder authorities. Application will be made for the Placing Shares to be admitted to trading on AIM and it is anticipated that such trading will commence on 25 July 2014.
Following the admission to trading of the Placing Shares there will be 172,760,562 ordinary shares in issue. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
Patrick Cheetham, Chairman of the Company, commented today: "This fundraising will allow the Company to maintain momentum on its key fluorspar projects and in particular to continue with drilling on our exciting MB Fluorspar project in Nevada where we have already defined a large maiden Mineral Resource."
ENQUIRIES | |
For further information please contact: | |
Tertiary Minerals plc | Tel: +44 (0)845 868 4580 |
Patrick Cheetham, Executive Chairman | |
Richard Clemmey, Managing Director | |
Cantor Fitzgerald Europe | Tel: +44 (0)20 7894 7000 |
Stewart Dickson/Julian Erleigh (Corporate Finance) Jeremy Stephenson (Corporate Broking) | |
Beaufort Securities Limited | Tel: +44 (0)20 7382 8300 |
Saif Janjua | |
Yellow Jersey PR Limited | Tel: +44 (0)7768 537 739 |
Dominic Barretto/Kelsey Traynor |
Notes to Editors
Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-quoted mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).