8th Mar 2016 10:55
LONDON (Alliance News) - FinnAust Mining PLC on Tuesday said it has completed the acquisition of Bluejay Mining Ltd and has issued shares under a placing connected to the deal.
FinnAust said it has now acquired a 60% stake in BlueJay after securing approval from Greenland regulatory authorities, the receipt of which had held up the deal. The deal means FinnAust now owns a majority interest in the Pituffik titanium project in Greenland.
FinnAust has also placed 10.0 million shares following a subscription with Western Areas, the seller of BlueJay and FinnAust's largest shareholder.
It has placed the shares at 2.00 pence apiece, a significant premium on its closing price of 0.55p on December 7, the day prior to the BlueJay acquisition being agreed.
FinnAust shares were down 1.4% to 2.07 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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