Tertiary Minerals plc has raised £985,000 through a placing of 1.97 billion new ordinary shares of 0.01 pence each in the company, at 0.05p per share.
TVRs
The placing shares will be issued under the company’s existing share issue authorities.
Institutional investors and high net worth individuals participated in the placing, which is at a 17% discount to the closing bid-price on 3 June 2026.
The placing shares also represent some 28% of Tertiary’s enlarged issued ordinary share capital.
Managing director Richard Belcher intends to subscribe £5,000 and non-executive director Mike Armitage, £10,000, for an additional aggregate of 30 million new shares.
Tertiary will also issue to joint brokers SP Angel and AlbR a total of 98.5m warrants, to subscribe for one new ordinary share, at the placing price within 12 months.
Following admission, the company’s total issued share capital will comprise 7,154,355,727 ordinary shares, with voting rights and none held in treasury.
Net proceeds will fund drilling and technical studies at the Mushima North target A1 silver oxide discovery in Zambia.
The results will contribute to an inaugural JORC mineral resource estimate, expected by the end of 2026, and to general working capital.