Business
Institutional Equity Subscription
Institutional Equity Subscription.
About this update from 80 Mile Plc
[{"type":"text","content":"\n \n \n \n Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining\n \n \n \n \n \n \n \n \n \n 14 February 2023\n \n \n \n \n Bluejay Mining plc ('Bluejay' or the 'Company')\n \n \n \n \n \n \n \n Institutional Equity Subscription\n \n \n \n Bluejay Mining plc, the AIM, FSE listed and OTCQB traded exploration and development company with projects in Greenland and Finland, is pleased to announce\n an equity subscription of ordinary shares of 0.01 pence each in the Company (\"Shares\") (the \"Subscription\"). Proceeds from the Subscription will be used to fund a summer drilling programme at the Company's 100% owned Kangerluarsuk Lead-Zinc-Silver ± Copper Project (\"Kangerluarsuk\").\n \n \n \n \n \n \n \n \n Highlights\n \n \n \n ·\n Up to US$6,000,000 secured in a Subscription with Towards Net Zero, LLC (the \"Investor\"), a US-based institutional investor.\n \n \n ·\n The\n Subscription will initially raise US$2,000,000 unconditionally, with the first tranche of investment expected to occur next week (the \"First Tranche\").\n \n \n ·\n Following the First Tranche, the second conditional tranche of the Subscription will be expected to occur no later than 12 months hence (the \"Second Tranche\"). If required by the Company, a third conditional tranche of US$2,000,000 is also available, with the consent of the Investor.\n \n \n ·\n The Subscription will fund a summer drill programme at Kangerluarsuk and the Company's general working capital needs.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Bo Møller Stensgaard, CEO of Bluejay Mining, commented\n \n :\n \n \n \n \n \n \"I am pleased to announce this equity Subscription with Towards Net Zero. Up to US$6,000,000 has been secured in three tranches of US$2,000,000 with the first US$2,000,000 expected to occur next week.\n \n \n \n \n \n \"The proceeds will, subject to closing contract negotiations with the drilling and logistical providers, be used to fund a maiden drilling programme at Kangerluarsuk in 2023. This decision to drill follows the positive outcome from the recently announced survey results and aligns to the strategic review carried out together with Bluejay's Chairman, Robert Edwards which was announced on 14 February 2023.\n \n \n \n \n \n \"The funding of a drill programme at Kangerluarsuk is a decision...