4th Mar 2026 17:15
(Alliance News) - Tamar Minerals PLC on Wednesday said it has raised GBP1.7 million from a placing and subscription and it announced the acquisition of Godolphin Mining (UK) Ltd, to be paid for in new shares.
Tamar, which has assets in the UK and Australia, said it raised GBP1.7 million from the issue of 56.5 million shares at a price of 3 pence each.
Shares in the Aquis-listed metal exploration company closed up 3.1% to 3.35 pence on Wednesday in London.
"The principal purpose of the fundraise is to finance exploration drilling at Great Wheal Vor, targeting high-grade tin extensions to the main lode. A portion of the proceeds will be applied towards the substantial repayment of all existing shareholder and director loans with the amounts repaid to be reinvested by way of subscription for shares in the fundraise. Certain proceeds will be allocated to general and administrative expenses, providing working capital support for a period of approximately 12 months. The remaining proceeds will be retained as contingency capital to provide financial flexibility in respect of exploration activities and general corporate purposes," Tamar adds.
In addition, it announced the buy of Godolphin Mining UK for GBP350,000, payable in over 11.6 million new shares. Godolphin Mining UK holds the Duke of Leeds mineral rights estate in Cornwall.
"The acquisition eliminates the minimum rent and all lease-based royalties that would otherwise apply on production. The acquisition will secure the mineral rights as a permanent asset of the company and remove the requirement for ongoing annual option payments," Tamar adds.
The fundraise and the acquisition will result in the issue of 68.1 million shares in total, worth GBP2.0 million.
By Abena Oppon, Alliance News reporter
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