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Exploration|Gold|Projects|SECURITY
exploration|gold|projects|security

Tertiary secures funding for Nevada projects

20th November 2019

By: Creamer Media Reporter

     

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Aim-listed Tertiary Minerals has secured up to £622 000 to fund the planned exploration programmes on its recently acquired Pyramid Gold and Paymaster polymetallic projects, in Nevada, US.

The company entered into a convertible securities issuance deed with US-based Bergen Global Opportunity Fund in connection with an issuance of zero coupon convertible securities having a nominal amount of up to £653 000.

“The current market for natural resource companies remains very challenging and we are therefore pleased to have secured a flexible method of financing as opposed to a straight equity raise which, in the current market, often come at a large discount to the share price and would be highly dilutive,” said MD Richard Clemmey.

The convertible securities would be issued in tranches, with the initial convertible security having a purchase price of £232 000 and a nominal value of £263 000.

Each of the convertible securities would have a term of 24 months.

"The staged funding now enables the company to move ahead with exploration and development on our two new exciting projects, Pyramid and Paymaster,” said Clemmey.

 

Edited by Creamer Media Reporter

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