Business
Exercise of the Bluejay Option; Change of Name
Exercise of the Bluejay Option; Change of Name.
About this update from 80 Mile Plc
[{"type":"text","content":"\n \nRNS Number : 2765X FinnAust Mining PLC 20 February 2017 \n\nFinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining\n20 February 2017\nFinnAust Mining plc ('FinnAust' or the 'Company')\n \nExercise of the Bluejay Option, Rule 9 Waiver, Change of Name to Bluejay Mining plc and Notice of General Meeting\n \nFinnAust Mining plc, the AIM and FSE listed company with projects in Greenland & Finland, is pleased to announce that it is the intention of the Company to exercise the option to acquire 82,560 shares of Bluejay Mining Limited ('Bluejay') (the 'Bluejay Option') representing 39.63 per cent. of Bluejay that it does not already own. Exercising the Bluejay Option will result in the Company increasing its ownership in Bluejay and the Pituffik Titanium Project ('Pituffik' or 'Pituffik Project') from 60.37 per cent. to 100 per cent. Following the exercise of the Bluejay Option, the Company intends to change its name to Bluejay Mining plc. Exercising the Bluejay Option and the change of name is conditional on Shareholder approval to be sought at a General Meeting to be held by FinnAust, details of which are set out below.\n \nHighlights\n \n· FinnAust to increase interest in Bluejay to 100 per cent. Bluejay is the 100 per cent. owner of the 150km2 high grade Pituffik Titanium Project located in North West Greenland. The Pituffik Project comprises three main exploration target areas across more than 80km of coastline historically proven to contain large and high-grade accumulations of primary ilmenite, with mining in Greenland envisaged to be achieved via a low capex dredging operation.\n \n· The Pituffik Project has demonstrated the potential to be a top percentile ilmenite project in terms of heavy mineral grade with the maiden mineral resource targeted to be published in Q1 2017.\n \n· Advancing the Pituffik Project continues to be the Company's primary focus. The near term strategy of the Company is the delivery of a bulk sample during 2017 and larger scale production in 2018.\n \n· The Directors believe that moving to 100% ownership of the Pituffik Project will provide certainty of title and remove any issues associated with joint venture partners.\n \n· The consid...