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Pin to quick picksTertiary Minerals Regulatory News (TYM)

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Placing, Issue of Equity & Total Voting Rights

26 May 2016 07:01

RNS Number : 3279Z
Tertiary Minerals PLC
26 May 2016
 

26 May 2016

 

Tertiary Minerals plc

("Tertiary" or "the Company")

 

Placing to Raise £500,000

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 £500,000 before expenses by way of a placing of 50,000,000 new ordinary shares (the "Placing Shares") at 1p per share (the "Placing"). The Placing was made via a single institutional investor. The Placing Shares will rank pari-passu with all existing ordinary shares in the Company.

 

The Company is planning to use the majority of the funds for continuing the evaluation and development of its key fluorspar projects, project work to include:

 

· MB Project, Nevada USA

 

o Metallurgical Testwork

o Economic Modelling

o Scoping Study

o Mine Permit Planning

 

· Storuman Project, Sweden

 

o Handling the Appeal process for the Exploitation (Mine) Permit granted on the 18 February 2016

 

The Placing is being made under existing shareholder authorities. Application has been made to the London Stock Exchange for 50,000,000 ordinary shares of 1 pence in Tertiary to be admitted to trading on AIM ("Admission"), and it is expected that Admission will occur on or around 10 June 2016.

In accordance with Financial Conduct Authority's Disclosure and Transparency Rules ("DTR"), following the issue and Admission, the total issued share capital of the Company with voting rights will be 266,845,276 ordinary shares.

The above figure of 266,845,276 ordinary shares 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 DTR.

Richard Clemmey, Managing Director of the Company, commented today: "The Company is pleased to be able to raise funds in challenging market conditions for resource companies. The funds will allow the Company to maintain progress on its key fluorspar projects towards production, in particular to move forward with the development studies at our large MB fluorspar project in Nevada." 

 

 

Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman 

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat / Tercel Moore

 

 

+44 (0)203 470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

 

 

+44 (0)207 382 8300

 

 

Notes to Editors

 

Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-traded 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).

 

CAUTIONARY NOTICE

 

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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