Business
Directors' Subscriptions
Tertiary Minerals plc has successfully raised £15,000 from directors through the issuance of 30,000,000 new ordinary shares at 0.05 pence per share, a transaction considered fair and reasonable by independent directors. Managing Director Richard Belcher acquired 10,000,000 shares, increasing his holding to 53,640,657 shares representing 0.75% of the enlarged share capital, while Non-Executive Director Mike Armitage acquired 20,000,000 shares, bringing his total to 28,823,529 shares or 0.40%. These funds, along with those from a prior placing, will be used for drilling and technical studies at the Mushima North Target A1 silver oxide discovery and for general working capital. The company's enlarged issued share capital will be 7,154,355,727 ordinary shares. Disclaimer*
About this update from Tertiary Minerals Plc
("Tertiary" or the "Company") 29 June 2026 Directors' Subscriptions Further to the Company's announcement of a Placing on 4 June 2026 (the "Placing" and the "Placing Announcement") and following the release of its Interim Results on 23 June 2026, Tertiary Minerals plc (AIM: TYM) is pleased to announce that it has now raised the £15,000 (before expenses) from certain directors of the Company as notified in the Placing Announcement. Consequently, a further 30,000,000 new ordinary shares of 0.01 pence each in the Company (the "Subscription Shares") have been issued to certain directors at a price of 0.05 pence per share as detailed below (the "Directors' Subscriptions"). Holding prior to Directors' Subscriptions Number of Subscription Shares acquired pursuant to the Directors' Subscriptions Holding immediately following Admission of the Subscription Shares Number of Ordinary Shares % of issued share capital Number of Ordinary Shares Number of Ordinary Shares % of issued share capital Richard Belcher Managing Director 43,640,657 0.61% 10,000,000 53,640,657 0.75% Mike Armitage, Non-Executive Director 8,823,529 0.12% 20,000,000 28,823,529 0.40% As directors of the Company, Dr Belcher and Dr Armitage are "related parties" of the Company under the AIM Rules for Companies (the "AIM Rules"). As a result, the Directors' Subscriptions constitute a related party transaction pursuant to Rule 13 of the AIM Rules. Messrs Cheetham and McAlister, being the independent Directors of the Directors' Subscription, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, are satisfied that the terms of the Directors' Subscriptions are fair and reasonable insofar as the Company's shareholders are concerned. The Directors' Subscriptions have been made on the same terms as the Placing. Admission The Subscription Shares will rank pari passu with the Company's existing ordinary shares. An application has been made to the London Stock Exchange for admission of the Subscription Shares to trading on AIM. Admission is expected to occur at 8.00 a.m. on or around 3 July 2026. Use of Proceeds As per the Placing, the net funds raised will be applied to drilling and technical studies at the Mushima North Target A1 silver oxide discovery with the aim of producing a maide...
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