Fluorspar specialist Tertiary Minerals plc (LON:TYM) has raised £500,000 through a placing with a single institutional investor.
The new shares, which were sold at 1p, will fund further exploration and development of its two main projects at MB in Nevada and Storuman in Sweden.
Richard Clemmey, managing director, said in particular the money would allow it to move forward with development studies at MB.
Tertiary has just completed a fourth phase of drilling at MB and this is expected to increase the ‘already large’ mineral resource estimate of 86mln tonnes grading 10.7% fluorspar (CaF2).
In February, the Swedish authorities granted Tertiary a mining licence at Storuman albeit it has since received two objections and gone to appeal.
“Because of the overwhelming local stakeholder support, the potential economic benefits and the 'National Interest' status given to the project by the Government, we expect the appeals to be rejected,” said Clemmey.
Losses in the half year to March were £300,000 (£222,000).