Bluejay Mining PLC was off the pace this morning as market makers knocked the price down by 11% after a placing overnight at 1.75p.
The Finland and Greenland-focused explorer is raising £1.3mln to carry out more work on the Hammaslahti copper-zinc-silver-gold project where recent drilling has thrown up encouraging results, it said.
“The immediate use of these funds will go towards conducting further diamond drilling at the project and will allow the company to deliver a maiden mineral resource estimate,“ added Robert Edwards, executive chairman.
Existing shareholders, including its two major backers Sand Grove and M&G, are putting up the cash.
BlueJay added it is also in “advanced discussions with two strategic entities with complimentary attributes which we believe will strengthen both the financial and technical capabilities of the business”.
Shares eased 0.23p to 1.88p.