Bluejay Mining PLC Financing Update (2843X)
April 25 2023 - 2:00AM
UK Regulatory
TIDMJAY
RNS Number : 2843X
Bluejay Mining PLC
25 April 2023
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
25 April 2023
Bluejay Mining plc ('Bluejay' or the 'Company')
Financing Update
Bluejay Mining plc, the AIM, FSE-listed and OTCQB traded
exploration and development company with projects in Greenland and
Finland, announces that the Company and Towards Net Zero, LLC
("TNZ"), a US-based institutional investor, have mutually agreed to
terminate the equity subscription announced on 14 February 2023
(the "Subscription") and for TNZ not to receive the shares that
were the subject of the Subscription.
Under the terms of the Subscription, on 14 February 2023, TNZ
made a lump sum cash prepayment of US$2 million (the "Subscription
Amount") to the Company for the acquisition of new ordinary shares
of 0.01 pence each in the Company ("Subscription Shares") at a
price to be determined in accordance with the terms of the
Subscription. No Subscription Shares have been issued pursuant to
the Subscription; and TNZ and the Company have now mutually agreed
for the Company to repay the US$2 million Subscription Amount
today. Once the US$2 million Subscription Amount is repaid, the
Company has no obligation to issue Subscription Shares to TNZ, and
TNZ will have no obligation to provide any further funding to
Bluejay.
Whilst the parties have determined that the Subscription need
not complete as originally envisaged, the Board expresses its
gratitude to TNZ for TNZ's flexibility in agreeing to amend the
terms of the Subscription to release both parties from their
Subscription obligations. No breach of the terms of the
Subscription has occurred.
The funds raised from the Subscription were to be used to fund a
maiden drilling programme at Kangerluarsuk in 2023. The Company
still expects to commence the drilling campaign at Kangerluarsuk in
the summer, and is in discussions regarding progressing alternative
financing plans.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018.
For further information on the Company and the project please
visit the website at: www.bluejaymining.com
Contacts:
Kevin Sheil Bluejay Mining plc enquiry@bluejaymining.com
SP Angel Corporate Finance
Ewan Leggat LLP
/ (Bluejay Mining Nominated
Adam Cowl Adviser) +44 (0) 20 3470 0470
--------------------------------- --------------------------
Andrew Chubb Hannam & Partners +44 (0) 20 7907 8500
--------------------------------- --------------------------
Tim Blythe
/ BlytheRay
Megan Ray (Bluejay Mining Press Contact) +44 (0) 20 7138 3205
--------------------------------- --------------------------
About Bluejay Mining Plc
Bluejay is listed on the London AIM market and Frankfurt Stock
Exchange and its shares also trade on the OTCQB Market in the US.
With multiple projects in Greenland and Finland, Bluejay has now
secured four globally respected entities as partners on three of
its projects, and exploration expenditure of up to $37 million
contractually committed on three key projects, giving the Company
and its shareholders both portfolio and commodity diversification
in high quality jurisdictions.
Bluejay's Dundas Ilmenite Project in Greenland, is fully
permitted and undergoing further optimisation work. The Company has
agreed a Master Distribution Agreement with a major Asian
conglomerate for up-to 340k tonnes per annum ('tpa') of its
designed 440ktpa annual output. The Company has also mandated a
major European bank to head the financing syndicate for Dundas.
Bluejay, through its wholly owned subsidiary Disko Exploration
Ltd., has signed a definitive Joint Venture Agreement with KoBold
Metals to guide exploration for new deposits rich in the critical
materials for electric vehicles (The Disko-Nuussuaq
nickel-copper-cobalt-PGE Project). Disko Exploration Ltd holds two
additional projects in Greenland - the 692 sq km Kangerluarsuk
zinc-lead- silver project, where historical work has recovered
grades of up to 45.4% zinc, 9.3% lead and 596 g/t silver and a
fully funded summer drill programme is to commence on multiple
large-scale drill ready targets; and the 920 sq km Thunderstone
project which has the potential to host large-scale base metal and
gold deposits.
In Finland, Bluejay currently holds three large scale
multi-metal projects through its wholly owned subsidiary FinnAust
Mining Finland Oy. The Company has a Joint Venture Agreement with a
mining major at its Enonkoski nickel-copper-cobalt Project in East
Finland which has seen continued exploration and drilling since
June 2021. Bluejay's drill ready Hammaslahti
copper-zinc-gold-silver project hosts high-grade VMS mineralisation
and extensions of historical ore lodes have been proven. The drill
ready Outokumpu copper-nickel-cobalt-zinc-gold-silver project is
located on one of the world's most prolific geological belts which
hosts multiple high-grade deposits. Bluejay has also signed a
conditional agreement for a partial divestment in a fourth Finnish
project.
**ENDS**
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFLFIDSEISFIV
(END) Dow Jones Newswires
April 25, 2023 02:00 ET (06:00 GMT)
Bluejay Mining (LSE:JAY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bluejay Mining (LSE:JAY)
Historical Stock Chart
From Apr 2023 to Apr 2024