Tertiary Minerals plc (LON:TYM) has raised £250,000 before expenses via a placing to provide additional working capital for the company to fund development work for its fluorspar projects and for potential acquisition opportunities.
The AIM-listed group, which is building a strategic position in the fluorspar sector, said SVS Securities placed 83,333,333 new ordinary shares in the company at a price of 0.3p each.
Shares in Tertiary Minerals closed trade on Thursday at 0.38p each. The group said SVS has been appointed as a joint broker to the company.
The firm said the funds raised will be used to commence the second phase of a Scoping Study level bench scale metallurgical testwork at SGS Lakefield in Canada with the aim of producing commercial grade acid-spar.
It added that they will also be used to commence a Scoping Study at the MB Fluorspar Project in Nevada on successful completion of the metallurgical testwork, as well as progressing the appeal process of the Exploitation (Mine) permit with the Swedish Government or the Storuman Fluorspar Project,
The company said it will also use the funds to progress the evaluation and due diligence of acquisition opportunities.
Richard Clemmey, Tertiary Minerals’ managing director commented: "In the current challenging market conditions we are pleased to have raised the funds necessary to commence the next important phase of development work on our MB Fluorspar project in Nevada.
“Alongside this we continue to progress the Storuman Mine Permit appeal with the Swedish Government and increase our focus on potential acquisition targets as the appeal progress runs its course".