12th Nov 2013 11:46
LONDON (Alliance News) - Tertiary Minerals PLC Tuesday said it has closed its equity swap agreement due to decent demand for the shares, with YA Global Master SPV Ltd entering a binding commitment to sell 10.8 million shares of the 11.8 million swap shares issued to an unnamed financial institution.
"It is very pleasing to see a high level of demand for the company's shares and to be able to bring forward the proceeds of the Equity Swap Agreement," Tertiary Chairman Patrick Cheetham said in a statement. "We are grateful for the support and flexibility that YAGM has afforded to Tertiary Minerals over recent months and in particular to facilitate this transaction."
YA Global Master is expected to settle the deal Wednesday, after which it won't hold any Tertiary shares.
The parties entered into the swap deal in May, raising GBP1.3 million for the company to use for development of its key flourspar projects. It has operations in Scandinavia and the US. Fluorspar is an essential raw material used in the chemical, steel and aluminium industries.
In September, the company reported that drilling results at its project in Nevada had met its hopes, identifying the most cost effective drilling technique and discovering fluorspar at 42.67 metres at a 12.7% average grade and 28.96 metres at a 10.5% average grade.
Separately, AIM-listed Tertiary Minerals said it has appointed Richard Clemmey as its new managing director. The move separates the Chairman and MD positions, allowing Cheetham to focus on strategy and corporate development, the company said.
Clemmey was previously general manager of a private quarrying company, in charge of developing a coastal limestone quarry in Oman. Prior to that he worked for Marshalls PLC, looking after eight of its UK quarries.
Tertiary Minerals shares were up 6.7% at 6.8 pence Tuesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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