3rd Feb 2023 10:48
(Alliance News) - Tertiary Minerals PLC on Friday said it raised GBP300,000 before expenses through a placing of shares in order to continue evaluating its copper exploration projects portfolio.
The Zambia and Nevada, US-focused explorer focusing on energy transition and precious metals said the proceeds were raised through a placing of 250 million new shares and 125 million attached warrants for 0.12 pence per share.
It said the represents a discount of approximately 7.7% to the closing bid-price for Tertiary shares on Thursday.
Shares in the precious metals explorer were down 5.4% at 0.13p each in London on Friday morning.
Tertiary Minerals will issue one warrant for every two placing shares, entitling the holder to subscribe for a one new ordinary share at a price of 0.24p at any time within 12 months from the date of admission.
The placing was arranged via the company's joint broker Peterhouse Capital Ltd, who will be issued with 16.3 million new shares and 8.1 million warrants.
"The proceeds of the placing will allow the company to continue the evaluation of its exciting portfolio of copper exploration projects in Zambia and Nevada, with field programmes scheduled to commence in spring in Zambia as soon as the wet season ends," said Executive Director Patrick Cheetham.
"We are taking full advantage of the data being supplied under our data sharing and technical cooperation agreement with major Zambia copper producer First Quantum Minerals to shortcut the exploration process with drilling anticipated this year on a number of projects."
By Greg Rosenvinge, Alliance News reporter
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