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Tertiary Minerals raises £300,000 as it evaluates acquisition opportunities

Tertiary has shortlisted a number of projects it is interested in acquiring

Acquisition
Any acquisitions will be of projects generating profits within a short time frame

Fluorspar explorer Tertiary Minerals plc (LON:TYM) announced on Friday plans to raise £300,000 through a placing of shares at 0.6p each.

The company will use the funds raised to augment working capital and to finance project work.

“We are pleased with the continued investor interest in the company and the placing will provide working capital to progress with the evaluation and due diligence of acquisition opportunities and the continued development of its fluorspar projects," said Richard Clemmey, managing director of Tertiary.

In a separate announcement the company said it made an operating loss of £156,140 in the six months to the end of March on revenue of £134,85.

The company said it remained committed to its fluorspar business but has been reviewing complementary project acquisition opportunities capable of generating revenue and profits in a shorter timescale. It has currently shortlisted a number of projects where more detailed evaluation and due diligence is in progress.

Quick facts: Tertiary Minerals PLC

Price: 0.256 GBX

AIM:TYM
Market: AIM
Market Cap: £1.13 m
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