TIDMTYM
RNS Number : 5001I
Tertiary Minerals PLC
02 April 2020
2 April 2020
Tertiary Minerals plc ("Tertiary Minerals plc" or the
"Company")
GBP600,000 Placing
HIGHLIGHTS:
-- Tertiary Minerals plc raised GBP600,000 in a placing to Precious Metals Capital Group LLC, an institutional investor
-- Termination of funding agreement with Bergen
Tertiary Minerals plc ("Tertiary" or "the Company") (AIM:TYM) is
pleased to announce the entry into a share subscription deed (the
"Subscription Deed") with Precious Metals Capital Group LLC (the
"Subscriber"), a U.S. based institutional specialist investor.
Pursuant to the Subscription Deed, in the coming days, the
Subscriber will make an investment of GBP600,000, by way of a
subscription for Company shares. Further information regarding the
placing is set out below.
The proceeds from the subscription will be used by the Company
to fund ongoing exploration once the recently announced exploration
programmes at the Pyramid Gold and Paymaster Polymetallic Projects
in Nevada are completed and to ensure that the Company has
sufficient working capital for the foreseeable duration of the
Covid-19 pandemic .
The placing will be made by the Subscriber by way of prepayment
for Company shares to be issued, at the Subscriber's request,
within 24 months of the date of the placing. A further investment
may be made by the Subscriber within 12 months after the date of
this placement, but only with the consent of the Company, in the
amount not exceeding an additional GBP600,000, by way of prepayment
for shares to be issued, at the Subscriber's request, within 24
months following the date of such subsequent placement.
The number of shares to be issued as a result of the placing
will be determined by dividing the subscription amount (or that
part of the subscription amount in relation to which the shares are
being issued) by 95% of the prevailing price, the latter being the
average of the five daily volume-weighted average prices during a
specified period immediately prior to the date of issuance of the
shares.
Alternatively, the Subscriber may choose for the subscription
price to be equal to GBP0.0042, being an approximately 133% premium
to the Company's share price on 1 April 2020.
Tertiary's Managing Director Richard Clemmey commented:
"The recent impact of COVID-19 on the markets and investment
outlook has been substantial. We are therefore very pleased to have
attracted further interest from a specialist US institutional
investor where the funding will further strengthen the company's
cash position and provide additional working capital during these
uncertain times as well as enable the Company to continue with the
planned exploration on its Paymaster Polymetallic and Pyramid Gold
Projects in Nevada."
Termination of Agreement with Bergen
The Company also announces that the convertible securities
issuance deed (the "Agreement") between the Company and Bergen
Global Opportunity Fund, LP ("Bergen"), dated 19 November 2019, the
details of which were notified on 20 November 2019, has been
terminated by the parties by mutual consent, effective as of 1
April 2020. Following the termination, no further funding will be
provided to the Company under the Agreement.
Tertiary's Managing Director Richard Clemmey further
commented:
"Bergen Global Opportunity Fund proved a supportive, valuable
and flexible funding partner for Tertiary, and I wish to thank the
team at Bergen for their support."
Related Party Transaction
The Subscriber is deemed a related party by virtue of its
relationship with Bergen as defined by AIM Rule 13. Bergen has been
a substantial shareholder of the Company within the last twelve
months and as a result, the Subscription Deed constitutes a related
party transaction.
The board, being Patrick Cheetham, Richard Clemmey and Donald
McAlister, are considered to be independent Directors for the
purposes of this transaction and, having consulted with the
Company's nominated adviser, consider the terms of the Subscription
Deed to be fair and reasonable insofar as shareholders of the
Company are concerned.
Total Voting Rights
Application will be made to the London Stock Exchange for any
Shares issued and allotted under the Subscription Deed to be
admitted to trading on AIM. Such Shares will only be issued to the
extent that the Company has corporate authority to do so.
The Company has 733,836,092 Shares in issue with each Share
carrying the right to one vote. There are no Shares currently held
in treasury. The total number of voting rights in the Company is
therefore 733,836,092 and this figure may be used by shareholders
as the denominator for the calculations by which they determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the Disclosure Rules and
Transparency Rules.
About Tertiary Minerals plc
Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-traded
mineral exploration company building and developing a
multi-commodity project portfolio - Industrial minerals, base and
precious metals.
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.
For more information please contact:
Tertiary Minerals plc:
Richard Clemmey, Managing Director +44 (0) 1625 838 679
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Patrick Cheetham, Chairman
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SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
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Caroline Rowe
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Peterhouse Capital Limited
Joint Broker
Lucy Williams + 44 (0) 207 469 0930
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Duncan Vasey
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END
IOESSIFUFESSELL
(END) Dow Jones Newswires
April 02, 2020 02:00 ET (06:00 GMT)
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