Tertiary Minerals plc has agreed up to a £450,000 unsecured convertible loan for three years to further exploration at the Mushima North silver-copper-zinc project in Zambia.
TVRs
The company will allot and issue 37,500,000 new ordinary shares for fees to the lender, Sanderson Capital Partners Ltd, at 0.06 pence, being the closing bid price on 6 November 2025.
Tertiary may draw down two equal tranches within the next two weeks to further its principal project of target A1, where drilling is underway.
As at 7 November, the company has so far completed two holes and started the third.
Following the issue of the fee shares, Tertiary’s total issued share capital will comprise 5,154,355,727 ordinary shares of 0.01 pence each in issue, none of which is held in treasury.
Tertiary’s total number of voting rights will also be 5,154,355,727.
Managing director Richard Belcher said that the funds gave more flexibility to increase drilling as well as expand other work to further de-risk the project.
“The board reviewed several funding options available to the company and based on the
current market conditions and the board’s belief that the company is significantly undervalued,
concluded that the shareholder loan represented the better funding option.
“If shares are issued as a result of conversion in the next twelve months it will be at a considerable premium to our current share price.”