Business
Raises GBP1 million to Advance Titanium Project
Raises GBP1 million to Advance Titanium Project.
About this update from 80 Mile Plc
[{"type":"text","content":"\n \nRNS Number : 0229R FinnAust Mining PLC 04 March 2016 \n\nFinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining\n4 March 2016\nFinnAust Mining plc ('FinnAust' or the 'Company')\nPlacing raises £1 million to Advance the Pituffik Titanium Project\n \nFinnAust Mining plc, the AIM listed exploration company with projects in Greenland, Finland and Austria, is pleased to announce that it has raised £1 million via the issue of 50,000,000 new ordinary shares of 0.01 pence each in the capital of the Company ('the Placing Shares') at a placing price of 2 pence per ordinary share to both new and existing shareholders ('the Placing'). \n \nThe Company is focused on defining the broader development scenario for the Pituffik Titanium Project in Greenland as it targets an initial 30,000 tonne proof-of-concept bulk-sampling programme in 2017. To achieve this goal, FinnAust is working with its recently appointed consultants to plan and implement a 2016 work programme, further details of which will be provided in the short term.\n \nFinnAust CEO Roderick McIllree said, \"We are delighted that our investors share our view that Pituffik represents a simple yet high grade, low cost development opportunity and we are pleased with the strong support our strategy has received. Approximately half of the amount raised came from existing shareholders with the balance from new investors. FinnAust's strategy is to capitalise on Pituffik's near term production potential and with management all significant shareholders, thereby aligning interests with shareholders, it is reasonable to expect a continued measured focus on minimising dilution and discounted pricing as can be seen today. This placing complements the £200,000 investment committed by major shareholder Western Areas Limited and the current management team, which was also at a placing price of 2 pence and was part of the acquisition of a 60% interest in Bluejay Mining Limited in December 2015, so shareholders can feel comfortable that everyone is moving forward together.\n \n\"The positive results from the bathymetry (depth) and seismic profiling survey and extensive sampling programme at Pituffik have demonstrated that the shallow marine environment hosts very large volumes of potentially high grade titanium, and 2016 will see us conduct furth...