Bluejay Mining PLC (LON:JAY) has conditionally raised £11.5mln from City institutions and government-backed venture funds to continue developing its various projects in Greenland.
In an update on Wednesday, the Greenland-focused metals miner said that it was issuing 115mln new ordinary shares at a price of 10p each, 75mln of which were sold to investors through a firm placing which raised £7.5mln.
READ: Bluejay appoints Greenland expert Joshua Hughes to head up exploration
The AIM-listed company said that a subscription for the remaining 40mln shares was agreed with Greenland Venture A/S, a joint venture between the governments of Greenland and Denmark, as well with the Danish State's Vaekstfonden investment fund.
Once the subscription gets shareholder approval, it will raise an additional £4mln.
Bluejay said the proceeds will be used to continue developing its titanium-targeting Dundas project, maiden drilling campaigns in 2020 at the nickel-copper-platinum-cobalt project at Disko-Nuussuaq and the Kangerluarsuk project looking for lead, zinc, and silver.
Chief executive Roderick McIllree said that support from government-backed institutions “demonstrates the mutual desire to grow the country's mineral resource industry”, and said he hoped that Bluejay “will be that vanguard”.