Tertiary Minerals plc has added £25,000 to its June fundraise through a directors’ subscription for new ordinary shares each of 0.01 pence, at 0.03 pence per new ordinary share.
TVRs
Managing director Richard Belcher and executive chairman Patrick Cheetham each subscribed for 33,333,333 ordinary shares, taking their holdings to 34,206,695 and 117,972,857 shares respectively.
Non-executive director Donald McAlister subscribed for 16,666,667 new ordinary shares and now holds 19,604,276 shares.
Following admission, Tertiary’s enlarged issued share capital will be 4,963,009,573 ordinary shares.
The company holds no ordinary shares in treasury.
Net proceeds will go towards drilling at the company’s Mushima North copper-silver-zinc project in Zambia and for working capital.
The placing on 6 June of 1,166,666,667 new ordinary shares of 0.01 pence each was made with institutional investors, at a 25% discounted price of 0.03 pence per share.
The issued new shares represented approximately 23.9% of Tertiary’s enlarged issued ordinary share capital.