25th Jan 2019 10:43
LONDON (Alliance News) - Tertiary Minerals PLC said Friday that it has raised GBP250,000 in gross proceeds via a share placing for developing its mineral projects.
The fluorspar exploration company placed 83.3 million new ordinary shares at 0.3 pence per share.
Shares in the company were trading 25% lower at 0.28p each. On Thursday, the stock closed at 0.38p each.
Tertiary Minerals plans to use the placing proceeds for working capital purposes and to fund work at its MB fluorspar project in the US state of Nevada and Storuman fluorspar project in Sweden. It also plans to use the funds on evaluating acquisition opportunities.
"In the current challenging market conditions we are pleased to have raised the funds necessary to commence the next important phase of development work on our MB fluorspar project in Nevada. Alongside this we continue to progress the Storuman mine permit appeal with the Swedish government and increase our focus on potential acquisition targets as the appeal progress runs its course," Managing Director Richard Clemmey said.
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