19th Jan 2022 12:11
Tertiary Minerals PLC - Cheshire, England-based mineral explorer - Raises GBP500,000 through placing of 294.1 million new ordinary shares at 0.17 pence each, to be admitted to AIM on or around Monday. Arranged through broker Peterhouse Capital Ltd, who received 14.7m shares as part of fee. New shares will constitute 20% of Tertiary's share capital.
A further 58.8 million shares option to be made available to existing shareholders and other qualified investors, with one warrant for every two new shares, to raise further GBP100,000. Warrants are exercisable at 0.34p with a term of 18 months.
Proceeds will be used in drilling and direct exploration activities in Nevada and Zambia in 2022.
Current stock price: 0.19 pence, down 5.0% on Wednesday
12-month change: down 47%
By Elizabeth Winter; [email protected]
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