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Tertiary Minerals (TYM)

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Wednesday 06 December, 2017

Tertiary Minerals

Placing raises £500,000

RNS Number : 5552Y
Tertiary Minerals PLC
06 December 2017
 

06 December 2017

Tertiary Minerals plc ("Tertiary" or "the Company")

Placing to Raise £500,000 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 £500,000 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
 
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