Bluejay Mining's shares drop after raising £3.5m at 12p a share

It said the net funds raised would be used to fund development work in relation to the Pituffik project in Greenland as well as for general working capital purposes.

At the end of May, Bluejay announced the completion of the public pre-consultation phase of the permitting process for Pituffik.

"Having confirmed that Pituffik represents the highest-grade large-scale ilmenite project globally, Bluejay is focused on the core deliverables for 2017," it said at end-May.

"These include determining the volume characteristic of Pituffik, delivering a bulk sample to potential offtake partners, completing the Feasibility Study and lodging an application for an Exploitation Licence."

Blujay added, again at end-May, that this initial step was completed in support of the company's objectives, and in line with Greenland's legislative framework for granting exploitation licences.

"It is aimed at creating a collaborative dialogue for all stakeholders prior to the completion of the Environmental Impact Assessment and Social Impact Assessment for final assessment."

At 14:44 BST, shares in AIM-listed Bluejay fell 12.12% to 14.5p each.