Tertiary Minerals PLC Placing to raise GBP250,000 (1637W)
13 April 2023 - 11:45PM
UK Regulatory
TIDMTYM
RNS Number : 1637W
Tertiary Minerals PLC
13 April 2023
13 April 2023
Tertiary Minerals plc
("Tertiary" or "the Company")
Placing to raise GBP250,000
Tertiary Minerals plc (AIM: TYM), the London listed explorer
focussed on energy transition and precious metals in Zambia and
Nevada, USA, is pleased to announce that as a result of unsolicited
interest from professional investors, the Company has raised
GBP250,000, before expenses, through a placing of 178,571,428 new
ordinary shares (the "Placing Shares") and 89,285,714 attached
warrants (the "Placing Warrants") in the Company at a price of 0.14
pence per share (the "Placing Price", being a 6.7% discount to
yesterday's closing bid price) as detailed below (the
"Placing").
The Placing was arranged through the Company's joint broker,
Peterhouse Capital Limited ("Peterhouse").
Commenting today, Executive Director Patrick Cheetham said:
"We are pleased to see a high level of investor support for the
Company. The funds raised will allow us to extend our field
programmes in Zambia and now that the wet season is ending, and
access routes are drying out, we will be initiating field
activities as soon as possible. We expect a field team will start
soil sampling at the Lubuila Copper Project and then move on to
Mukai and Mushima North just as soon as our environmental permits
are approved. At Mushima North we have contracted a detailed
targeting review which will draw on the extensive database of
information we have received from First Quantum Minerals as part of
our Data Sharing and Technical Cooperation Agreement. The results
are expected later this month and will form the basis for the
release of a detailed project focus presentation to accompany those
released recently for our Mukai and Konkola West Projects, also in
Zambia."
Placing Details
The Company has placed 178,571,428 new ordinary shares at 0.14
pence to raise proceeds of GBP250,000 before expenses. The Company
will issue to investors one warrant for every two Placing Shares
entitling the holder to subscribe for one new ordinary share at a
price of 0.28 pence at any time within 12 months from the date of
Admission. A total of 89,285,714 Placing Warrants will be
issued.
Broker Engagement Warrants
Under the terms of its engagement Peterhouse will also be issued
with 8,928,571 warrants ("Broker Engagement Warrants") to subscribe
for further new ordinary shares at the Placing Price at any time
before one year from the date of Admission.
The Placing Shares, the Placing Warrants and the Broker
Engagement Warrants are being issued under the Company's existing
share issue authorities. None of the warrants being issued will be
admitted to trading on any exchange.
Use of Proceeds
The net funds raised will be applied to exploration activities
at the Company's projects in Zambia and Nevada and working
capital.
Admission
The Placing Shares will rank pari passu with the Company's
existing ordinary shares.
An application has been made to the London Stock Exchange for
admission of the Placing Shares to trading on AIM ("Admission").
Admission is expected to occur at 8.00 a.m. on or around 19th April
2023.
Total Voting Rights
Following Admission of the Placing Shares the Company's enlarged
issued share capital will be 1,981,085,049 ordinary shares.
The Company holds no ordinary shares in treasury. Following
Admission, the total number of voting rights in the Company will be
1,981,085,049 and this figure may be used by shareholders as the
denominator for the calculations by which they determine if they
are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
For more information please contact:
Tertiary Minerals plc:
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
-------------------------------
SP Angel Corporate Finance LLP - Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
-------------------------------
Harry Davies-Ball
-------------------------------
Peterhouse Capital Limited - Joint Broker
Lucy Williams + 44 (0) 207 469 0930
--------------------------------
Duncan Vasey
-------------------------------
Market Abuse Regulation
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 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOENKNBQNBKDDQD
(END) Dow Jones Newswires
April 13, 2023 09:45 ET (13:45 GMT)
Tertiary Minerals (LSE:TYM)
Historical Stock Chart
From Apr 2024 to May 2024
Tertiary Minerals (LSE:TYM)
Historical Stock Chart
From May 2023 to May 2024