Aim-traded Tertiary Minerals has raised £250 000 before expenses by way of a placing 83 333 333 new ordinary shares at 0.3p a apiece.
The placing shares will rank pari-passu with all existing ordinary shares in the company.
The placing was arranged by SVS Securities (SVS), which 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 project.
This includes the MB Fluorspar project in Nevada, US, where the company will start the second phase of scoping study level bench scale metallurgical testwork at SGS Lakefield in Canada with the aim of producing commercial grade acid-spar. Further, it will start the scoping study on successful completion of the metallurgical testwork.
There is also the Storuman fluorspar project, in Sweden, where the company is progressing the appeal process of the exploitation (mine) permit with the Swedish government.
The money will also be used for potential project acquisitions, with the company progressing the evaluation and due diligence of opportunities.
The placing is being made under existing shareholder authorities.
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.