Business
£600,000 Placing
£600,000 Placing.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n \n \n RNS Number : 5001I\n Tertiary Minerals PLC\n 02 April 2020\n \n \n \n \n \n \n \n \n \n \n 2 April 2020\n \n \n \n \n \n Tertiary Minerals plc (\"Tertiary Minerals plc\" or the \"Company\")\n \n \n £600,000 Placing\n \n \n \n \n \n HIGHLIGHTS: \n \n \n \n \n \n · \n \n Tertiary Minerals plc raised £600,000 in a placing to Precious Metals Capital Group LLC, an institutional investor\n \n \n \n · \n \n Termination of funding \n \n \n agreement\n \n \n with Bergen \n \n \n \n \n \n \n \n Tertiary Minerals plc\n \n (\"Tertiary\" or \"the Company\") (AIM:TYM) is pleased to announce the entry into a share subscription deed (the \"Subscription Deed\") with Precious Metals Capital Group LLC (the \"Subscriber\"), a U.S. based institutional specialist investor. \n \n \n Pursuant to the Subscription Deed, in the coming days, the Subscriber will make an investment of £600,000, by way of a subscription for Company shares. Further information regarding the placing is set out below.\n \n \n The proceeds from the subscription will be used by the Company to fund ongoing exploration once the recently announced exploration programmes at the Pyramid Gold and Paymaster Polymetallic Projects in Nevada are completed and to ensure that the Company has sufficient working capital \n for\n the foreseeable \n duration of the \n Covid-19 \n pandemic\n .\n \n \n The placing will be made by the Subscriber by way of prepayment for Company shares to be issued, at the Subscriber's request, within 24 months of the date of the placing. A further investment may be made by the Subscriber within 12 months after the date of this placement, but only with the consent of the Company, in the amount not exceeding an additional £600,000, by way of prepayment for shares to be issued, at the Subscriber's request, within 24 months following the date of such subsequent placement.\n \n \n The number of shares to be issued as a result of the placing will be determined by dividing the subscription amount (or that part of the subscription amount in relation to which the shares are being issued) by 95% of the prevailing price, the latter being the average of the five daily volume-weighted average prices during a specified period immediately prior to the date of issuance of the shares.\n \n \n Alternatively, the Subscriber may choose...