6th Jun 2025 18:21
(Alliance News) - Tertiary Minerals PLC on Friday reported it has raised GBP350,000 before expenses through a placing, which will fund drilling at its Mushima North project in Zambia.
The mineral development company focused on deposits in the US, Zambia and northern Europe raised the funds via a placing of 1.2 million new shares at 0.030 pence each with institutional investors.
The placing price represented a discount of 25% to the closing bid price on Thursday, and the new shares make up around 23.9% of the firm's share capital as enlarged by the placing.
Shares in Tertiary Minerals closed down 31% at 0.031 pence each in London on Friday. The stock is down 78% over the past year.
The fundraising was arranged through the firm's joint brokers Peterhouse Capital Ltd and SP Angel Corporate Finance LLP.
Tertiary Minerals directors were not able to participate in the placing, as the company is in a closed period ahead of its interim results release.
However, Managing Director Richard Belcher, Chair Patrick Cheetham and Director Donald McAlister have indicated their intention to subscribe for a total of 83.3 million shares at the placing price, for a cumulative total of GBP25,000.
"This capital raise will allow us to advance our Mushima North (copper-silver-zinc) project in Zambia, where we plan to build on the last year's successful exploration at the A1 target," said Managing Director Belcher.
"Funds will be used for an air-core drill programme to test the over 1km strike extent of the silver-in-soil anomaly situated in the broader kilometre-scale zinc- and copper-in-soil anomalies where scout drilling late last year intersected thick and wide zones of silver-copper-zinc mineralisation with many holes ending in mineralisation.
"Elsewhere, we look forward to progress across the projects managed by our joint venture partners and continue to look at opportunities to advance our other projects in Zambia and the US through strategic partnerships."
By Emily Parsons, Alliance News reporter
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