Tertiary Minerals PLC Placing raises £500,000 (5552Y)
December 06 2017 - 5:41AM
UK Regulatory
TIDMTYM
RNS Number : 5552Y
Tertiary Minerals PLC
06 December 2017
06 December 2017
Tertiary Minerals plc ("Tertiary" or "the Company")
Placing to Raise GBP500,000 for Potential Project Acquisition
Evaluation and Due Diligence and Ongoing Development of Fluorpsar
Projects
Tertiary Minerals plc, the AIM traded company building a
strategic position in the fluorspar sector, is pleased to announce
that it has raised GBP500,000 before expenses by way of a placing
of 41,666,670 new ordinary shares (the "Placing Shares") at 1.2
pence per share (the "Placing") by the Company's joint broker
Beaufort Securities Ltd. The Placing Shares will rank pari-passu
with all existing ordinary shares in the Company.
The Company is planning to use the funds for project work, to
include:
Project Acquisition
-- Progressing the evaluation and due diligence of acquisition
opportunities - engaged in discussions and technical due diligence
for shortlisted projects capable of generating revenue and profits
in the near-term, with discussions being reasonably advanced on one
particular project
Storuman Fluorspar Project, Sweden
-- Progressing the re-assessment process of the Exploitation
(Mine) Permit by the Swedish Mining Inspectorate - additional
information currently being prepared by the Company for the Swedish
Mining Inspectorate in response to stakeholder responses requesting
further detail in relation to the impact of proposed operations
within the wider surrounding area
MB Fluorspar Project, Nevada, USA
-- Progressing the Scoping Study level bench scale metallurgical
testwork ongoing at SGS Lakefield in Canada with the aim of
producing commercial grade acid-spar
Lassedalen Fluorspar Project, Norway
-- Progressing the technical and legal due diligence for the
purchase from Hydro of land and mine workings associated with the
Company's fluorspar Mineral Resource
The Placing is being made under existing shareholder
authorities. Application will be made to the London Stock Exchange
for 41,666,670 ordinary shares of 0.01 pence in Tertiary to be
admitted to trading on AIM ("Admission"), and it is expected that
Admission will occur on or around 20 December 2017.
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 358,743,603 ordinary shares.
The above figure of 358,743,603 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: "Strong investor interest has enabled us to complete this
placing, the proceeds of which will provide funds to progress with
the evaluation and due diligence of acquisition opportunities and
the ongoing development of our fluorspar projects."
Enquiries
Tertiary Minerals plc
Richard Clemmey, Managing
Director
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance
LLP
Nominated Adviser & Joint
Broker
Ewan Leggat/Lindsay Mair +44 (0) 20 3470 0470
Beaufort Securities Ltd
Joint Broker
Elliot Hance +44 (0)20 7382 8300
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement
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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December 06, 2017 05:41 ET (10:41 GMT)
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