Business
Offshore Exploration Licence Granted and Placing
Offshore Exploration Licence Granted and Placing.
About this update from 80 Mile Plc
[{"type":"text","content":"\n \nRNS Number : 9964D FinnAust Mining PLC 13 July 2016 \n\nClick on or paste the following link into your web browser to view the associated PDF:\n\nhttp://www.rns-pdf.londonstockexchange.com/rns/9964D_-2016-7-12.pdf\n \nFinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining\n13 July 2016\nThis announcement contains inside information\n \nFinnAust Mining plc ('FinnAust' or the 'Company')\nOffshore Exploration Licence Granted and Placing\n \nFinnAust Mining plc, the AIM and FSE listed company with projects in Greenland, Finland and Austria, is pleased to announce that it has been granted an extension of its existing licence to include all minerals within the shallow marine environment at the Pituffik Titanium Project ('Pituffik' or the 'Project'). This is the first marine based exploration licence for minerals granted by the Self Rule Government of Greenland.\n \nThe Company is also pleased to announce that it has raised £500,000 by way of a placing of 10,000,000 new ordinary shares of 0.01 pence each in the capital of the Company ('the Placing Shares'), with new and existing shareholders, at a price of 5 pence per Placing Share ('the Placing'). With the offshore licence now secured, the funds raised will be used towards implementing an accelerated work programme at Pituffik as well as undertaking due diligence activities on potential acquisitions.\n \nHighlights \n \n· The first offshore licence for minerals issued by the Self Rule Government of Greenland\n \n· Expanded licence now includes marine extensions of the titanium rich black sands (Drowned Beaches). Modelling suggests this area contains ilmenite bearing sediments similar to that of the active and raised beaches at Pituffik, but in much larger volumes\n \n· This is a major milestone; it provides not only title over marine bearing sediments (which range in thicknesses between 3-27m with an average of 5m) at Pituffik but more importantly provides a clear permitting pathway for the Project as a whole\n \n· New licence expands the existing licence 2015/08 to an area of approximately 150 square kilometres, half of which covers the shallow marine environment\n \n· Significantly inc...