Business
Placing to raise £600,000
Placing to raise £600,000.
About this update from 80 Mile Plc
[{"type":"text","content":"\n\n\n \n23 August 2023\n \nPlacing to raise £600,000\n \nBluejay Mining plc ('Bluejay' or the 'Company'), the AIM, FSE listed and OTCQB traded exploration and development company with projects in Greenland and Finland, is pleased to announce the completion of an equity fundraise, raising gross proceeds of £600,000 through the private placement of 60,000,000 shares (\"Placing Shares\") to new shareholders, at a price of 1.0 pence per share (the \"Placing\").\nThe funds raised will be focussed on the Company's 100% owned Hammaslahti copper-zinc-silver-gold ('Cu-Zn-Ag-Au') project ('Hammaslahti') in eastern Finland where the Company is developing a JORC compliant Mineral Resource Estimate ('MRE') and has completed two phases of diamond drilling over the summer, and awaiting final assay results on the second phase holes. Results from an ongoing lithogeochemical and petrographic study as well as some further regional geochemical analysis are also expected.\nAdditionally, Bluejay is continuing discussions with strategic investors with respect to partnering on one or more of its base metals projects in Finland and Greenland. There can be no certainty that any binding agreements will be entered into with these investors.\nCMC Markets UK Plc (\"CMC Markets\"), acted as the Company's sole placing agent in respect of the Placing.\n \nHighlights\n· The £600,000 ($764,000) gross proceeds were raised for the further development of the Hammaslahti Cu-Zn-Ag-Au project and for general corporate purposes. Recent drilling on the East-lode ('E-lode') ore body mineralisation at Hammaslahti has encouragingly intersected sulphide mineralisation in all holes. Further work is planned on the E-lode, as well as down-plunge extensions to previously mined ore-lodes, to enable the delivery of a maiden MRE for the ore bodies. Subsequent drilling of near surface targets in August 2023 also intersected mineralisation, with assays due in early September 2023. Management continues to believe that the Hammaslahti Project has the potential to provide meaningful near term value to shareholders.\n· As previously disclosed in June 2023, management is progressing discussions with prospective strategic investors from US and Nordic jurisdictions which are offering complementary technical and financial capabilities ...