Business
PLACING, ISSUE OF EQUITY & TO
PLACING, ISSUE OF EQUITY & TO.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n RNS Number : 0523Y Tertiary Minerals PLC 16 December 2010 \n \n\n \nTertiary Minerals Plc \n \n (\"Tertiary\" or \"the Company\")\n \n \n PLACING, ISSUE OF EQUITY & TOTAL VOTING RIGHTS\n \nTertiary Minerals plc, a diversified mineral explorer and developer building a significant strategic position in the fluorspar sector, announces that it has conditionally raised £1.8 million (before expenses) by way of a placing of 29,999,994 new ordinary shares of 1 pence each (`Ordinary Shares') in the capital of the Company (`the Placing Shares'), with existing and new shareholders at a price of 6 pence per Placing Share (`the Placing Price') (`the Placing') through the Company's brokers, Seymour Pierce and VSA Capital as a Placing Agent. \n \nThe proceeds of the Placing will be used to continue the development of the Company's 100% owned Storuman fluorspar project in Sweden, for exploration on the Company's other projects and for general working capital purposes. \n \nThe Placing & Issue of Equity \n \nThe Placing is conditional on admission of the Placing Shares to trading on AIM (`Admission'). Pursuant to the terms of a placing agreement between the Company and Seymour Pierce (`the Placing Agreement'), Seymour Pierce has agreed to use reasonable endeavours to procure subscribers for the Placing Shares at the Placing Price. The obligations of Seymour Pierce under the Placing Agreement are conditional on admission of the Placing Shares being admitted to trading on AIM. Application has been made for Admission of the Placing Shares to trading on AIM. It is expected that Admission will occur, and dealings in the Placing Shares will commence, at 8.00 a.m. on 22 December 2010.\n \nThe Placing represents approximately 33.98 per cent. of the current issued share capital of the Company and, following Admission, the Placing Shares will represent 25.31 per cent. of the enlarged issued share capital, which will then comprise 118,516,214 Ordinary Shares.\n \nThe Placing Shares will, when issued, rank pari passu in all respects with the existing issued Ordinary Shares, including the right to receive any dividends and other distributions declared following Admission.\n \nTotal Voting Rights \n \nFollowing the Placing, the total number of Ordinary Shares in ...