Last checked at 6 Oct 2015 11:00
06 October 2015
Tertiary Minerals plc
("Tertiary" or "the Company")
Placing Raising £650,000 to Drive Next Phase of Drilling
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 £650,000 before expenses by way of a placing of 28,888,889 new ordinary shares (the "Placing Shares") at 2.25p per share (the "Placing"). The Placing was made via a number of institutional investors. The Placing Shares will rank pari-passu with all existing ordinary shares in the Company.
The Company will use the funds for the continuing evaluation and development of its key fluorspar projects and for general working capital purposes.
The Placing is being made under existing shareholder authorities. Application has been made to the London Stock Exchange for 28,888,889 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 9 October 2015.
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 216,748,106 ordinary shares.
The above figure of 216,748,106 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 very difficult market conditions for resource companies. The funds will allow the Company to maintain momentum on its key fluorspar projects and in particular to commence with the next phase of drilling this winter at our exciting MB fluorspar project in Nevada."
Enquiries
Tertiary Minerals plc Patrick Cheetham, Executive Chairman Richard Clemmey, Managing Director
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+44 (0)845 868 4580 |
SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker Ewan Leggat / Tercel Moore
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+44 (0) 20 3470 0470 |
Beaufort Securities Ltd Joint Broker Jon Belliss / Elliot Hance
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+44 (0)20 7382 8300 |
Yellow Jersey PR Limited Dominic Barretto
| +44 (0)7768 537 739 |
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).