Tertiary Minerals completes £0.38m fundraising

Tertiary Minerals announced the successful completion of a fundraising on Monday, raising £0.38m before expenses to be used for its exploration activities.

The AIM-traded firm said the funding was secured through a placing of 468,750,000 new shares at a price of 0.08p each, representing a 15.8% discount to the closing market bid price on 9 February.

Peterhouse Capital acted as its joint broker in arranging the placement.

Executive chairman Patrick Cheetham participated in the placing by subscribing £20,000 for 25,000,000 placing shares.

Following the issue of the shares, Cheetham would have a beneficial interest in 46,465,000 ordinary Shares, including shares held by his wife Karen Cheetham, amounting to 1.8% of the company's enlarged issued share capital.

In addition to the placing, subject to the passing of resolutions at the annual general meeting on 14 February, Peterhouse would receive 23,437,500 warrants to subscribe for further new ordinary shares at the placing price within one year from the date of admission.

The board said the net proceeds would be used for exploration activities at the company's projects in Zambia and Nevada, as well as for general working capital purposes.

At 1333 GMT, shares in Tertiary Minerals were down 17.07% at 0.09p.

Reporting by Josh White for Sharecast.com.