FinnAust Mining to change name to Bluejay Mining after it buys remaining 40% stake

Explorer FinnAust Mining is to change its name to Bluejay Mining after its buys the remaining stake in the titanium miner that it does not already own.

The AIM-listed company is to buy the remaining 39.63% stake, or 82,560 shares, in Bluejay it does not already own for £594,393 through the issue of just over 108m shares.

This will increase ownership of Blujay and its Pituffik titanium project in Greenland from 60.37% to 100%, when the company will also change it name to Blujay Mining, subject to shareholder approval at the next meeting on 10 March.

FinnAust believes that moving to 100% ownership of the Pituffik project will provide “certainty of title” and remove any issues associated with joint venture partners.

The Pituffik project comprises of three exploration target areas across more than 80km of coastline historically proven to contain large and high-grade primary ilmenite and it has the potential to be a top percentile ilmenite project in terms of heavy mineral grade with the maiden mineral resource targeted in the first quarter of 2017.

The company aims to deliver bulk sample during 2017 and larger scale production in 2018.

FinnAust managing director Rod McIllree said: "Being the sole owner of Pittufik will ensure that the company benefits from maximum exposure to this highly prospective asset and will also aid future development plans by having a simplified ownership structure.

"Whilst we maintain additional assets in Finland, which offer further upside to our company, our primary development focus is undoubtedly on our portfolio of assets in Greenland."

Shares in FinnAust Mining were up 4.92% to 8p at 1233 GMT.