Tertiary Minerals plc has conditionally raised £1 million through a placing of 1,666,666,667 new ordinary shares of 0.01 pence each in the company to further its Mushima North copper-silver project in Zambia.
The placing, at a 14% discount price of 0.06 pence per share, was with institutional investors and high net worth individuals. The placing shares represent approximately 19% of the company’s enlarged issued ordinary share capital.
Tertiary also issued 83,333,333 broker warrants, each with one warrant attached to subscribe for one ordinary share at the placing price.
Subject to shareholder approval to allot the shares and following admission, Tertiary’s total issued share capital will comprise 8,821,022,394 ordinary shares, with none held in treasury.
Net proceeds will fund deeper drilling on target A1 at Mushima North, tests for continuation of mineralisation, laboratory assaying of minerals, expand metallurgical testwork, support environmental and community surveys for an environmental impact assessment and go towards general working capital.