Fluorspar deposit developer Tertiary Minerals (LON:TYM) has raised £650,000 through a placing at 2.25p per share. The company will use the funds for the continuing evaluation and development of its key fluorspar projects in the US and Scandinavia. Richard Clemmey, managing director, said: "The funds will allow the company to maintain momentum on its key fluorspar projects and in particular to commence with the next phase of drilling this winter at our exciting MB fluorspar project in Nevada." Some 28.9mln new shares will be issued, about 15% of the amount in issue currently. Tertiary controls two Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit in Nevada (MB Project).
Tertiary Minerals raises £650,000 for exploration
The company will use the funds for the continuing evaluation and development of its key fluorspar projects.