TIDMJAY
RNS Number : 6186L
Bluejay Mining PLC
14 September 2021
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
14(th) September 2021
Bluejay Mining plc ('Bluejay' or the 'Company')
Interim Results
Bluejay Mining plc, the AIM and FSE listed, and OTCQB traded,
exploration company with projects in Greenland and Finland, is
pleased to announce its Interim Results for the six months ended 30
June 2021 (the "Period").
Highlights in H1 2021:
-- Final permits in place to start production at Dundas
-- Letter of Interest received from EXIM Bank
-- Enonkoski Joint Venture ('JV') and $20 million exploration campaign agreed with Rio Tinto
-- Drilling commenced at Enonkoski
-- Positive dialogue with the new Government of Greenland
-- First field season completed for the Thunderstone Project
-- Appointment of Mr Johannus Egholm Hansen as Non-Executive Director
-- Strong ongoing cash management and progress on VAT appeal
Post Period
-- JV signed at Disko- Nuussuaq project with KoBold Metals ('KoBold')
-- Letters of Interest received from three Export Credit Agencies
-- HMRC withdraw their VAT case against the Company
-- Black Shales conditional GBP4 million divestment
Chairman's Statement
Despite the difficult conditions experienced throughout much of
2020 the Company was able to deliver on several stated objectives
during the second half of the year. Late last year Bluejay was
issued a 30-year Exploitation Licence for Dundas and executed a
Master Distribution Agreement for the output with a large, long
established Asian conglomerate. Also during the Period the Company
signed a $20 million JV and earn-in agreement on one of its nickel
projects in Finland with one of the world's largest mining
companies. We also strengthened our Board with the inclusion of
Johannus Hansen to the role of non-Executive Director.
The Group's cash balance at the half-year was c.GBP5.2 million
versus GBP6 million full year 2020. This amount excludes the c.GBP1
million return of cash due to be received from HMRC.
Post the period, the Company concluded a JV Agreement with
KoBold Metals, who will fund the initial development of the
Disko-Nuussuaq Project in Greenland and agreed the conditional sale
of the Finnish Black Shales Assets to Metals One.
Importantly, our overarching strategy of focussing on high
quality assets located in low-risk jurisdictions has been
vindicated with the start of drilling by Rio Tinto at our Enonkoski
Ni-Cu-Co-PGM in April 2021.
Financial
Since the beginning of the year, the Company has signed three
transactions with a value in excess of $40 million. In July we
received notice that HMRC had withdrawn its appeal on the
First-Tier Tribunal's (Tax Chamber) decision and have since
refunded approximately GBP300,000 of the c.GBP1 million to Bluejay
with the balance expected in due course. The Company continues to
prudently manage its finances and maintains a focus on cost savings
across all aspects of the organisation. Of note is that income
generated from operational management fees are expected to be
meaningful during the 2022 period from three projects: Disko,
Enonkoski and the Black Shales project.
Greenland
Bluejay's operational focus has been on the continued
development of our flagship titanium sand project. Dundas has a
JORC compliant indicated and measured Mineral Resource of 117
million tonnes ('Mt') at 6.1% ilmenite in-situ that requires only
simple mining and minimal processing to produce a high purity
concentrate. Dundas represents a near-term value proposition for
stakeholders. It has been independently assessed as being the
highest-grade ilmenite sand project globally and boasts a global
resource of +730mt of ilmenite bearing sands spread over more than
30 kilometres of strike.
During the latter part of 2020 we executed a Master Distribution
Agreement with a large, long established Asian conglomerate for up
to 340,000 tonnes of the total planned 440,000 tonnes per annum
production. We are confident that agreements will be reached for
the remainder of our offtake, due to initial customer feedback on
the quality of our product.
On a technical front we continue to progress the engineering
optimisation and cost saving studies for Dundas which are now in
the latter stages of completion. Added to this the Company has
received Letters of Interest from three International Export Credit
Agencies and we are close to finalising discussions with a focussed
group of banks to create a strong consortium of partners suitable
for this development. All of this within a backdrop of robust
ilmenite prices.
Turning to Thunderstone, we received in late January, initial
exploration results from our maiden field programme. These initial
results justify continued work to further assess the newly
identified gold-silver anomalies as well as other high tenor
base-metal results (Cu-Au-Ag-Mo-Zn and Cu-Ni-Cr-Co+/-Pt, Pd
anomalies). Future work will focus on these newly identified
anomalies.
Also, during the Period, Greenland held a general election and
formed a new coalition Government. Our newly appointed CEO, Bo
Stensgaard, met with the newly appointed Minister for Housing,
Infrastructure, Mineral Resources and Gender Equality, Ms Naaja
Nathanielsen in May 2021. During this meeting the Minister
confirmed that the Greenland Government continues to support the
Mineral Strategy 2020-2024, which provides the framework for
further development of mineral resources in the country. The
Company received the Exploitation and Closure permits, the final
Government-level approval required at Dundas, which now allows for
construction to begin. This approval further confirms continued
support for the project from the Government.
Post the period we entered a strategic partnership with KoBold
on the Disko-Nuussuaq project. KoBold may earn up to 51% of the
project through significant expenditure over a three-year period.
This is a major partnership for the Company. KoBold is aligned with
our goals to develop critical materials needed for the green
transition sourced in an ethically sustainable manner. KoBold also
brings the attention of globally renowned investors, including
Breakthrough Energy Ventures, a climate, energy and technology
fund, overseen by Bill Gates and backed by Michael Bloomberg, Jeff
Bezos and Ray Dalio. Other investors in KoBold include Andreessen
Horowitz, the premier Silicon Valley Venture Capital Fund and
Equinor, the Norwegian state-owned energy company.
Finland
The maiden drill and field programme commenced at the Enonkoski
nickel, copper and cobalt project in April 2021 as part of the
project partner's, Rio Tinto, JV and earn-in agreement. The 3,000
metres diamond drill programme will test several geophysical
targets in the Tevanjoki and Laukunsuo areas.
In July we provided an update on our 100% owned Outokumpu
project where the Company has identified multiple copper, cobalt,
gold and silver targets for drilling testing. The first stage of
the intended drilling is expected to be 1,500 metres, focussed on
the Haapovaara target north of the historical Kylylahit mine. In
total 2,500 metres across the broader Outokumpu area.
Finally at the end of July, the Company signed a binding term
sheet for the sale of our Black Shales (Paltamo and Rautavaara
nickel, zinc, copper, and cobalt projects) assets to Metals One for
cash and shares totalling GBP4 million further strengthening the
Company's balance sheet.
Outlook
While 2020 was undoubtedly a year of significant change
globally. The necessity for fieldwork as we entered 2021 was not
critical for the Company due to ongoing Dundas technical and
financial planning. Instead, partnership negotiations became the
focus. Consequently, we now have two fully financed exploration
programmes totalling $35 million at our Enonkoski and Disko
Projects. These achievments over the last six months has positioned
Bluejay well to capitalise on the next 12 to 18-months as we
transition into a revenue generator once Dundas is operational.
Our JV Agreement with KoBold is momentous. We have consolidated
licences over several of the most promising metal occurrences in
all of Greenland and this puts us in the enviable position of now
being able to attract and deliver on globally significant strategic
partners on globally significant projects in safe and stable
locations. This is a remarkable achievement for an emerging
mid-tier mining company all executed in less than five years.
Our relationship and communication with the Greenland Government
and the communities surrounding our projects were a focus during
the Period with approval of the Exploitation Licence at Dundas
highlighting the teams hard work as well as demonstrating community
support for the project.
The Company has emerged stronger from the last 18 months and now
has partners that bring significant value to several of the
Company's projects. Additionally Bluejay owns 100% of Outokumpu
(Europe's largest historical producer of Cobalt), Hammaslahti, a
brownfields copper mine previously owned by the Finnish state
mining company, and the large high grade Kangerluarsuk polymetallic
project which is also Greenland's most significant zinc
anomaly.
Roderick McIllree
Executive Chairman
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018.
For further information please visit
http://www.bluejaymining.com or contact:
Roderick McIllree/ Bluejay Mining plc enquiry@bluejaymining.com
Kevin Sheil
------------------------------- ---------------------------
Ewan Leggat/ Adam SP Angel Corporate Finance
Cowl LLP(Nominated Adviser) +44 (0) 20 3470 0470
------------------------------- ---------------------------
Hannam & Partners (Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
------------------------------- ---------------------------
Tim Blythe/ Megan
Ray Blytheweigh +44 (0) 20 7138 3205
------------------------------- ---------------------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
to 30 June to 30 June
2021 Unaudited 2020 Unaudited
Notes GBP GBP
------------------------------------------------ ------- ----------------- -----------------
Continuing operations
Revenue - -
Administration expenses (1,399,314) (1,158,204)
Other gains/(losses) (566) 19,523
Foreign exchange 32,450 (27,730)
Operating loss (1,367,430) (1,166,411)
------------------------------------------------ ------- ----------------- -----------------
Net finance income/(expense) (1,507) 4,506
Loss before taxation (1,368,937) (1,161,905)
------------------------------------------------ ------- ----------------- -----------------
Income tax expense - -
------------------------------------------------ ------- ----------------- -----------------
Loss for the period (1,368,937) (1,161,905)
------------------------------------------------ ------- ----------------- -----------------
Other comprehensive income
Items that may be reclassified to profit
or loss
Currency translation differences (1,039,220) 871,308
------------------------------------------------ ------- ----------------- -----------------
Total comprehensive loss for the period (2,408,157) (290,597)
------------------------------------------------ ------- ----------------- -----------------
Earnings per share from continuing operations
attributable to the equity owners of the
parent
------------------------------------------------ ------- ----------------- -----------------
Basic and diluted (pence per share) 7 (0.14)p (0.12) p
------------------------------------------------ ------- ----------------- -----------------
CONDENSED CONSOLIDATED BALANCE SHEET
30 June 31 December 30 June
2021 Unaudited 2020 Audited 2020 Unaudited
Notes GBP GBP GBP
------------------------------------ ------- ----------------- --------------- -----------------
Non-current assets
Property, plant and equipment 5 2,036,740 2,556,911 2,781,056
Intangible assets 6 26,595,200 26,768,227 24,749,482
28,631,940 29,325,138 27,530,538
------------------------------------ ------- ----------------- --------------- -----------------
Current assets
Financial assets at fair value
through profit or loss - 100,000 -
Trade and other receivables 1,133,220 1,503,896 1,789,076
Cash and cash equivalents 5,246,915 5,942,848 7,014,057
------------------------------------ ------- ----------------- --------------- -----------------
6,380,135 7,546,744 8,803,133
------------------------------------ ------- ----------------- --------------- -----------------
Total assets 35,012,075 36,871,882 36,333,671
------------------------------------ ------- ----------------- --------------- -----------------
Non-current liabilities
Lease liabilities - - 62,220
Deferred tax liabilities 496,045 496,045 496,045
------------------------------------ ------- ----------------- --------------- -----------------
496,045 496,045 558,265
Current liabilities
Lease liabilities 20,896 62,220 40,710
Trade and other payables 1,113,498 1,179,694 225,833
1,134,394 1,241,914 266,543
------------------------------------ ------- ----------------- --------------- -----------------
Total liabilities 1,630,439 1,737,959 824,808
------------------------------------ ------- ----------------- --------------- -----------------
Net assets 33,381,636 35,133,923 35,508,863
------------------------------------ ------- ----------------- --------------- -----------------
Capital and reserves attributable
to
equity holders of the Company
Share capital 7,484,232 7,484,232 7,484,066
Share premium 55,620,034 55,620,034 55,463,656
Other reserves (6,604,069) (6,220,719) (6,733,259)
Retained losses (23,118,561) (21,749,624) (20,705,600)
------------------------------------ ------- ----------------- --------------- -----------------
Total equity 33,381,636 35,133,923 35,508,863
------------------------------------ ------- ----------------- --------------- -----------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
Share Retained
capital Share premium Other reserves losses Total
GBP GBP GBP GBP GBP
----------- --------------- ---------------- -------------- --------------
Balance as at 1 January
2020 7,484,066 55,463,656 (7,604,567) (19,543,695) 35,799,460
------------------------------ ----------- --------------- ---------------- -------------- --------------
Loss for the period - - - (1,161,905) (1,161,905)
------------------------------ ----------- --------------- ---------------- -------------- --------------
Other comprehensive
income for the year - - - - -
Items that may be
subsequently reclassified
to profit or loss - - - - -
Currency translation
differences - - 871,308 - 871,308
Total comprehensive
income for the year - - 871,308 (1,161,905) (290,597)
Exercise of share
options and warrants - - - - -
Expiry of share options - - - - -
Total transactions
with owners, recognised
in equity - - 871,308 (1,161,905) (290,597)
------------------------------ ----------- --------------- ---------------- -------------- --------------
Balance as at 30
June 2020 7,484,066 55,463,656 (6,733,259) (20,705,600) 35,508,863
------------------------------ ----------- --------------- ---------------- -------------- --------------
Balance as at 1 January
2021 7,484,232 55,620,034 (6,220,719) (21,749,624) 35,153,923
------------------------------ ----------- --------------- ---------------- -------------- --------------
Loss for the period - - - (1,368,937) (1,368,937)
------------------------------ ----------- --------------- ---------------- -------------- --------------
Other comprehensive
income for the year - - - - -
Items that may be
subsequently reclassified
to profit or loss - - - - -
Currency translation
differences - - (1,039,220) - (1,039,220)
Total comprehensive
income for the year - - (1,039,220) (1,368,937) (2,408,157)
Exercise of share
options and warrants - - - - -
Issue of share options - - 655,870 - 655,870
Total transactions
with owners, recognised
in equity - - 655,870 - 655,870
------------------------------ ----------- --------------- ---------------- -------------- --------------
Balance as at 30
June 2021 7,484,232 55,620,034 (6,604,069) (23,118,561) (33,381,636)
------------------------------ ----------- --------------- ---------------- -------------- --------------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months
to 30 June to 30 June
2021 Unaudited 2020 Unaudited
GBP GBP
------------------------------------------------- ----------------- -----------------
Cash flows from operating activities
Loss before taxation (1,368,937) (1,161,905)
Adjustments for:
Depreciation 249,252 293,953
Impairments - 14,299
Loss on sale of property, plant and equipment 32,979 -
Share based payments 655,870 -
Other non-cash adjustments - 4,340
Decrease in trade and other receivables 389,098 121,731
Increase/(decrease) in trade and other
payables 342,663 (1,461,880)
Net cash generated from / (used in) operations 300,925 (2,189,462)
--------------------------------------------------- ----------------- -----------------
Cash flows from investing activities
Purchase of property, plant and equipment (10,836) (233,713)
Proceeds from sale of property, plant and
equipment 150,330 -
Interest received 1,546 1,896
Purchase of intangible assets (1,095,841) (841,078)
Net cash used in investing activities (954,801) (1,072,895)
--------------------------------------------------- ----------------- -----------------
Cash flows from financing activities
Repayment of borrowings (41,324) (40,104)
Net cash used in financing activities (41,324) (40,104)
--------------------------------------------------- ----------------- -----------------
Net decrease in cash and cash equivalents (695,200) (3,302,461)
Cash and cash equivalents at beginning
of period 5,942,848 10,314,701
Exchange gains on cash and cash equivalents (733) 1,817
--------------------------------------------------- ----------------- -----------------
Cash and cash equivalents at end of period 5,246,915 7,014,057
--------------------------------------------------- ----------------- -----------------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Bluejay Mining plc ('the Company') and
its subsidiaries (together 'the Group') is the exploration and
development of precious and base metals. The Company's shares are
listed on the AIM Market of the London Stock Exchange ('AIM'),the
Frankfurt Stock Exchange and the OTCQB exchange. The Company is
incorporated and domiciled in the UK.
The address of its registered office is Suite 1, 15 Ingestre
Place, London, W1F 0DU.
2. Basis of Preparation
The condensed consolidated interim financial statements have
been prepared in accordance with the requirements of the AIM Rules
for Companies. As permitted, the Company has chosen not to adopt
IAS 34 "Interim Financial Statements" in preparing this interim
financial information. The condensed consolidated interim financial
statements should be read in conjunction with the annual financial
statements for the year ended 31 December 2020. The interim
financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the United Kingdom which have not differed from the previously
EU-endorsed IFRS, and hence the previously reported accounting
policies still apply.
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies
Act 2006. It has been prepared on a going concern basis in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) as adopted by
the UK.
Statutory financial statements for the year ended 31 December
2020 were approved by the Board of Directors on 24 May 2021 and
delivered to the Registrar of Companies. The report of the auditors
on those financial statements was unqualified.
Going concern
The Directors, having made appropriate enquiries, consider that
adequate resources exist for the Company and Group to continue in
operational existence for the foreseeable future and that,
therefore, it is appropriate to adopt the going concern basis in
preparing the condensed consolidated interim financial statements
for the period ended 30 June 2021.
The interim Financial Statements have been prepared on a going
concern basis. Although the Group's assets are not generating
revenues and an operating loss has been reported, the Directors are
of the view that the Group has sufficient funds to meet all
committed and contractual expenditure and to maintain good title to
the exploration licences.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Company's medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Company's 2020
Annual Report and Financial Statements, a copy of which is
available on the Company's website: www.bluejaymining.com . The key
financial risks are liquidity risk, credit risk, interest rate risk
and fair value estimation.
Critical accounting estimates
The preparation of condensed consolidated interim financial
statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the
end of the reporting period. Significant items subject to such
estimates are set out in Note 4 of the Company's 2020 Annual Report
and Financial Statements. The nature and amounts of such estimates
have not changed significantly during the interim period.
3. Accounting Policies
Except as described below, the same accounting policies,
presentation and methods of computation have been followed in these
condensed consolidated interim financial statements as were applied
in the preparation of the Group's annual financial statements for
the year ended 31 December 2020.
3.1 Changes in accounting policy and disclosures
(a) Accounting developments during 2021
The International Accounting Standards Board (IASB) issued
various amendments and revisions to International Financial
Reporting Standards and IFRIC interpretations. The amendments and
revisions were applicable for the period ended 30 June 2021 but did
not result in any material changes to the financial statements of
the Group or Company.
(b) New standards, amendments and interpretations in issue but
not yet effective or not yet endorsed and not early adopted
Standard Impact on initial application Effective date
--------------------- ----------------------------------- ----------------
IFRS 3 Reference to Conceptual Framework 1 January 2022
----------------------------------- ----------------
IAS 37 Onerous contracts 1 January 2022
----------------------------------- ----------------
IAS 16 Proceeds before intended use 1 January 2022
----------------------------------- ----------------
Annual improvements 2018-2020 Cycle 1 January 2022
----------------------------------- ----------------
IAS 8 Accounting estimates 1 January 2023
----------------------------------- ----------------
IAS 1 Classification of Liabilities 1 January 2023
as Current or Non-Current.
----------------------------------- ----------------
The Group is evaluating the impact of the new and amended
standards above which are not expected to have a material impact on
the Group's results or shareholders' funds
4. Dividends
No dividend has been declared or paid by the Company during the
six months ended 30 June 2021 (2020: GBPnil).
5. Property, plant and equipment
Right
Machinery Office of use
Software & equipment equipment assets Total
GBP GBP GBP GBP GBP
----------------------------------- ---------- -------------- ------------ --------- -----------
Cost
As at 1 January 2020 37,093 3,255,384 52,931 182,542 3,527,950
Additions - 226,423 7,290 - 233,713
Exchange Differences - 92,987 - - 92,987
As at 30 June 2020 37,093 3,574,794 60,221 182,542 3,854,650
----------------------------------- ---------- -------------- ------------ --------- -----------
As at 1 July 2020 37,093 3,574,794 60,221 182,542 3,854,650
Additions 9,221 - 820 - 10,041
Exchange Differences - 99,527 182 - 99,709
----------------------------------- ---------- -------------- ------------ --------- -----------
As at 31 December 2020 46,314 3,674,321 61,223 182,542 3,964,400
----------------------------------- ---------- -------------- ------------ --------- -----------
As at 1 January 2021 46,314 3,674,321 61,223 182,542 3,964,400
Additions 1,028 - 9,808 - 10,836
Disposals - (255,762) - - (255,762)
Exchange Differences - (149,466) - - (149,466)
As at 30 June 2021 47,342 3,269,093 71,031 182,542 3,570,008
----------------------------------- ---------- -------------- ------------ --------- -----------
Depreciation
As at 1 January 2020 25,272 665,389 28,301 40,565 759,527
Charge for the year 6,091 241,424 5,873 40,565 293,953
Exchange differences - 20,114 - 20,114
----------------------------------- ---------- -------------- ------------ --------- -----------
As at 30 June 2020 31,363 926,927 34,174 81,130 1,073,594
----------------------------------- ---------- -------------- ------------ --------- -----------
As at 1 July 2020 31,363 926,927 34,174 81,130 1,073,594
Charge for the year 4,998 261,226 5,843 40,565 312,632
Exchange differences - 21,118 145 - 21,263
As at 31 December 2020 36,361 1,209,271 40,162 121,695 1,407,489
----------------------------------- ---------- -------------- ------------ --------- -----------
As at 1 January 2021 36,361 1,209,271 40,162 121,695 1,407,489
Charge for the year 4,624 197,370 6,693 40,565 249,252
Disposals - (72,454) - - (72,454)
Exchange differences - (51,019) - - (51,019)
----------------------------------- ---------- -------------- ------------ --------- -----------
As at 30 June 2021 40,985 1,283,168 46,855 162,260 1,533,268
----------------------------------- ---------- -------------- ------------ --------- -----------
Net book value as at 30 June
2020 5,730 2,647,867 26,047 101,412 2,781,056
----------------------------------- ---------- -------------- ------------ --------- -----------
Net book value as at 31 December
2020 9,953 2,465,050 21,061 60,847 2,556,911
----------------------------------- ---------- -------------- ------------ --------- -----------
Net book value as at 30 June
2021 6,357 1,985,925 24,176 20,282 2,036,740
----------------------------------- ---------- -------------- ------------ --------- -----------
6. Intangible Assets
Intangible assets comprise exploration and evaluation costs and
goodwill. Exploration and evaluation costs comprise acquired and
internally generated assets.
Exploration & evaluation
assets
Cost and Net Book Value GBP
------------------------------- --------------------------
Balance as at 1 January 2020 23,138,507
Additions 841,078
Exchange rate movements 769,897
-------------------------------- --------------------------
As at 30 June 2020 24,749,482
-------------------------------- --------------------------
Balance as at 1 July 2020 24,749,482
Additions 1,630,058
Exchange rate movements 388,687
-------------------------------- --------------------------
As at 31 December 2020 26,768,227
-------------------------------- --------------------------
Balance as at 1 January 2021 26,768,227
Additions 1,095,841
Exchange rate movements (1,268,868)
-------------------------------- --------------------------
As at 30 June 2021 26,595,200
-------------------------------- --------------------------
7. Earnings per Share
The calculation of earnings per share is based on a retained
loss of GBP 1,368,937 for the six months ended 30 June 2021 ( six
months ended 30 June 2020: GBP 1,161,905 ) and the weighted average
number of shares in issue in the period ended 30 June 2021 of
971,629,460 ( six months ended 30 June 2020: 969,969,397 ).
No diluted earnings per share is presented for the six months
ended 30 June 2021 or six months ended 30 June 2020 as the effect
on the exercise of share options would be anti-dilutive.
9. Events after the Reporting Date
On 28 July 2021, the Company announced that it has signed a
binding term sheet and entered into a conditional agreement for the
sale of its Paltamo and Rautavaara Nickel-Zinc-Copper-Cobalt
('Ni-Zn-Cu-Co') projects in Finland to Metals One plc for a
combination of cash and shares totalling GBP4 million. The
consideration is split on the following basis, GBP25,000 cash to be
paid withing five days of signing the term sheet, GBP250,000 cash
payable on completion of the proposed transaction and GBP3,725,000
payable in shares at the IPO price.
On 9 August 2021, the Company signed a joint venture with KoBold
Metals to explore the Disko-Nuussuaq project. Under the terms of
the agreement, KoBold Metals can earn 51% of Disko through a
two-stage earn in.
10. Approval of interim financial statements
The Condensed interim financial statements were approved by the
Board of Directors on 13(th) September 2021.
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