FinnAust Mining PLC Comment re. Press Speculation (8528P)
November 22 2016 - 8:16AM
UK Regulatory
TIDMFAM
RNS Number : 8528P
FinnAust Mining PLC
22 November 2016
FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector:
Mining
FinnAust Mining plc ('FinnAust' or the 'Company')
Comment re. Press Speculation
FinnAust Mining plc, the AIM and FSE listed company with
projects in Greenland & Finland, notes speculation today
regarding a potential equity fundraising by the Company.
The Company is in discussions with investors to potentially
raise up to GBP5 million from a placing of new ordinary shares of
the Company to fund feasibility studies, an environmental impact
assessment, a social impact assessment, a resource assessment and
detailed engineering studies at the Pituffik Titanium Project
('Pituffik') in Greenland, as well as for general working capital
purposes. This will build of work to date which has indicated the
potential for Pituffik to be in the top percentile of projects
worldwide in terms of heavy mineral grade. A further announcement
will be made by FinnAust once discussions with investors are
concluded.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
**ENDS**
For further information please visit www.finnaust.com or
contact:
FinnAust Mining +44 (0) 20 7907
Roderick McIllree plc 9326
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FinnAust Mining +44 (0) 20 7907
Graham Marshall plc 9326
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SP Angel Corporate +44 (0) 20 3470
Ewan Leggat Finance LLP 0470
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SP Angel Corporate +44 (0) 20 3470
Laura Harrison Finance LLP 0470
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St Brides Partners +44 (0) 20 7236
Elisabeth Cowell Ltd 1177
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St Brides Partners +44 (0) 20 7236
Charlotte Page Ltd 1177
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Notes
FinnAust has a number of highly prospective licences at various
stages of development in Greenland and Finland. The Company is dual
listed on the London AIM market and Frankfurt Stock Exchange.
The Company is currently focussed on advancing the Pituffik
Project in Greenland, an area that has only recently revealed its
mineral potential following changes in the climate. Pituffik, which
FinnAust conditionally acquired in December 2015, has demonstrated
the potential to be in the top percentile of projects worldwide in
terms of heavy mineral grade.
Pituffik comprises three main target areas along an >80km
coastline historically proven to contain large and high-grade
accumulations of primary ilmenite occurring as placer deposits in
the following environments:
-- Raised beaches; containing ilmenite accumulations over widths
of more than 1km, of unknown depths, along more than 20km of
coastline;
-- Active beaches; which refer to the area seaward of the
frontal dunes, including the beach, tidal zones and surf zone -
historically samples from this area have achieved 70% ilmenite by
weight; and
-- Drowned beaches; refers to the areas seaward of active beaches.
The Company's strategy is focused on the production of a bulk
sample "proof of concept" from the Pituffik Project in 2017 with
the aim of ultimately generating cash flow to create a company
capable of self-funding exploration on future acquisitions.
FinnAust has an interest in 60% of Bluejay Mining Limited the
holder of the Pituffik exploration licence and has an option to
acquire the remaining 40%.
FinnAust also holds a 100% interest in a portfolio of copper,
zinc and nickel projects in Finland. This multi-commodity portfolio
remains a strategic asset of importance and has been restructured
to be cost-sustainable whilst determining the best plan for future
development.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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