Tertiary Minerals PLC Placing to Raise £250,000 (0671O)
25 Gennaio 2019 - 8:00AM
UK Regulatory
TIDMTYM
RNS Number : 0671O
Tertiary Minerals PLC
25 January 2019
25 January 2019
Tertiary Minerals plc ("Tertiary" or "the Company")
Placing to Raise GBP250,000
Tertiary Minerals plc, the AIM traded company building a
strategic position in the fluorspar sector, is pleased to announce
that it has raised GBP250,000 before expenses by way of a placing
of 83,333,333 new ordinary shares (the "Placing Shares") at 0.3
pence per share (the "Placing"). The Placing Shares will rank
pari-passu with all existing ordinary shares in the Company. The
Placing was arranged by SVS Securities Plc ("SVS") and SVS has been
appointed as a Joint Broker to the Company.
The funds raised will provide additional working capital for the
Company to fund development work for its projects, to include:
MB Fluorspar Project, Nevada, USA
-- Commence second phase of Scoping Study level bench scale
metallurgical testwork at SGS Lakefield in Canada with the aim of
producing commercial grade acid-spar
-- Commence Scoping Study on successful completion of the metallurgical testwork
Storuman Fluorspar Project, Sweden
-- Progressing the appeal process of the Exploitation (Mine) Permit with the Swedish Government
Project Acquisition
-- Progressing the evaluation and due diligence of acquisition opportunities
The Placing is being made under existing shareholder
authorities. Application will be made to the London Stock Exchange
for 83,333,333 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 8 February 2019.
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 442,657,087 ordinary shares.
The above figure of 442,657,087 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: "In the current challenging market conditions we are pleased
to have raised the funds necessary to commence the next important
phase of development work on our MB Fluorspar project in Nevada.
Alongside this we continue to progress the Storuman Mine Permit
appeal with the Swedish Government and increase our focus on
potential acquisition targets as the appeal progress runs its
course".
Michael Fanger from Possehl commented today: "We are very
pleased that Tertiary has attracted further investment in these
tough market conditions. Possehl continues to support the Tertiary
management team with the development of their fluorspar operations
and evaluation of potential acquisition targets as we look forward
to a long and fruitful relationship with the Company".
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
Lindsay Mair/Caroline Rowe +44 (0) 203 470 0470
SVS Securities plc
Joint Broker
Elliot Hance +44 (0) 203 700 0093
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.
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END
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