Tertiary Minerals raises £0.25m through placing

Fluorspar-focussed Tertiary Minerals has raised £0.25m before expenses by way of a placing of 83,333,333 new ordinary shares at 0.3p per share, it announced on Friday.

The AIM-traded firm said the funds raised would provide additional working capital for it to fund development work for its projects.

Those projects included the MB Fluorspar Project in Nevada, and the start of the second phase of scoping study-level bench scale metallurgical testwork at SGS Lakefield in Canada, with the aim of producing commercial grade acid-spar.

It would also start a scoping study there on the successful completion of the metallurgical testwork.

The funds would also be used to progress the appeal process of the exploitation permit with the Swedish Government at the Storuman Fluorspar Project in Sweden, and progress the evaluation and due diligence of acquisition opportunities.

Tertiary said the placing was being made under existing shareholder authorities.

“In the current challenging market conditions we are pleased to have raised the funds necessary to commence the next important phase of development work on our MB Fluorspar project in Nevada,” said Tertiary Minerals managing director Richard Clemmey.

“Alongside this we continue to progress the Storuman Mine Permit appeal with the Swedish Government and increase our focus on potential acquisition targets as the appeal progress runs its course.”