Tertiary raises £300 000 to fund exploration

3rd February 2023 By: Tasneem Bulbulia - Senior Contributing Editor Online

Aim-listed Tertiary Minerals has raised £300 000 before expenses through a placing of 250-million new ordinary shares and 125-million attached warrants in the company.

The placing was arranged through the its joint broker, Peterhouse Capital.

Executive director Patrick Cheetham says the proceeds of the placing will allow the company to continue the evaluation of its exciting portfolio of copper exploration projects in Zambia and Nevada, in the US, with field programmes scheduled to begin in spring in Zambia as soon as the wet season ends.

“We are taking full advantage of the data being supplied under our data sharing and technical cooperation agreement with major Zambia copper producer First Quantum Minerals to shortcut the exploration process with drilling anticipated this year on a number of projects,” he adds.

Subscribers to the placing include Sanderson Capital, which currently holds 7.36% of the existing issued ordinary shares.

Sanderson is subscribing for 25-million placing shares and will hold shares representing 7.66% of the issued shares following admission.