Business
Placing, Issue of Equity & Total Voting Rights
Placing, Issue of Equity & Total Voting Rights.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 3279Z Tertiary Minerals PLC 26 May 2016 \n\n26 May 2016\n \nTertiary Minerals plc \n(\"Tertiary\" or \"the Company\")\n \nPlacing to Raise £500,000\nIssue of Equity & Total Voting Rights\n \nTertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce that it has raised £500,000 before expenses by way of a placing of 50,000,000 new ordinary shares (the \"Placing Shares\") at 1p per share (the \"Placing\"). The Placing was made via a single institutional investor. The Placing Shares will rank pari-passu with all existing ordinary shares in the Company. \n \nThe Company is planning to use the majority of the funds for continuing the evaluation and development of its key fluorspar projects, project work to include:\n \n· MB Project, Nevada USA\n \no Metallurgical Testwork\no Economic Modelling\no Scoping Study\no Mine Permit Planning\n \n· Storuman Project, Sweden\n \no Handling the Appeal process for the Exploitation (Mine) Permit granted on the 18 February 2016\n \nThe Placing is being made under existing shareholder authorities. Application has been made to the London Stock Exchange for 50,000,000 ordinary shares of 1 pence in Tertiary to be admitted to trading on AIM (\"Admission\"), and it is expected that Admission will occur on or around 10 June 2016.\nIn accordance with Financial Conduct Authority's Disclosure and Transparency Rules (\"DTR\"), following the issue and Admission, the total issued share capital of the Company with voting rights will be 266,845,276 ordinary shares.\nThe above figure of 266,845,276 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTR.\nRichard Clemmey, Managing Director of the Company, commented today: \"The Company is pleased to be able to raise funds in challenging market conditions for resource companies. The funds will allow the Company to maintain progress on its key fluorspar projects towards production, in particular to move forward with the development studies at our large MB...