Business
Raise to advance Korean projects and streaming
Raise to advance Korean projects and streaming.
About this update from Bluebird Mining Ventures Ltd.
[{"type":"text","content":"\n \n \n Bluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector: Mining\n \n \n 8 December 2022\n \n \n \n \n \n \n Bluebird Merchant Ventures Ltd ('Bluebird' or 'the Company')\n \n \n \n \n Raises £230,000 to advance South Korean Projects and discussions with mining streaming fund\n \n \n \n \n \n \n Bluebird Merchant Ventures Ltd, a gold company primarily focused on bringing historic mines back into production, is pleased to announce that it has raised £230,000 primarily from new investors and the Company's Directors and Management through the issue of 11,500,000 new ordinary shares at 2.0 pence per share. The funds raised will facilitate the completion of the application of the Temporary Mountain Use Permits ('TMUP'), which remains on track to be granted early in the New Year 2023, without utilising the equity Call option facility (announced on 12 April 2022) available to the Company with a floor price of 2p. Additionally, the Company is pleased to announce that it has opened discussions with a streaming fund for the entire capital needed for the development of the high grade Kochang Gold and Silver Mine ('Kochang'). This would provide security of funding for Kochang without further equity dilution. \n \n \n \n \n \n The TMUP remains an important milestone on the development of Bluebird's South Korean mines. Its granting is the last major hurdle before the commencement of the proof-of-concept production at Kochang which will be followed by full production commencement targeting, initially, c.10,000oz Au per annum. The Company's two projects have a cumulative production target of 75-100,000 oz Au per annum and an estimated non-JORC resource of in excess of 1.5million oz Au.\n \n \n \n \n \n Furthermore, the Board remains in legal drafting with a local partner who has strong credentials and experience in mining in the Philippines with regards to the Batangas Gold Project. The Board continues to be positive on these concluding in the near future.\n \n \n \n \n \n \n Bluebird Merchant Ventures CEO Colin Patterson said,\n \n \"We have chosen to widen the shareholder base and not use the Call option facility as we approach the granting of the TMUP, which according to our lawyers and permitting consultants, remains on track for early 2023. The progr...