REG - Bluejay Mining PLC - Bluejay Raises £1.2 Million

Bluejay MiningAnnouncement

17/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240117:nRSQ9125Za&default-theme=true

RNS Number : 9125Z  Bluejay Mining PLC  17 January 2024

17 January 2024

 

Bluejay Mining plc / Ticker: JAY / Market: AIM / Sector: Mining

 

Bluejay Raises £1.2 Million

Bluejay Mining plc ('Bluejay' or the 'Company'), the AIM, FSE listed and OTCQB
traded exploration and development company with projects in Greenland and
Finland, is pleased to announce a successful capital raise of £1.2 million,
with a £150,000 contribution from the Board of Directors. These funds coupled
with recent strategic leadership changes allows Bluejay to restore faith and
focus on the Company's assets and reinvigorate momentum on its portfolio of
high quality projects.

Highlights:

·   £1.2 Million Capital Raise: Strong support shown by UK institutions
and existing shareholders is a testament to renewed investor confidence in the
Company's strategic realignment.

·      WH Ireland appointed joint broker to the Company

·   New Board Members' Contribution: The new members of the Board of
Directors have collectively contributed £150,000, underscoring their
commitment to Bluejay's renewed strategic focus as the Company refocuses on
core activities.

·    Leadership Transition: With a renewed focus on delivering significant
and sustained shareholder value, Bluejay Mining welcomes Eric Sondergaard as
the new Managing Director. Mr Sondergaard, who has extensive experience
working in challenging and remote locations, is set to lead the Company
through a period of stabilisation and expected growth in the coming months.

·     Cost Reduction Initiatives: Bluejay has undertaken a strategic
review of the existing operations, and implemented substantial cost reductions
across the entire organisation.

·    Renewed Focus on the Disko-Nuussuaq Project: Bluejay remains
dedicated to its primary focus, the 2,776 square kilometre Disko-Nuussuaq
Magmatic Massive Sulphide nickel-copper-platinum-cobalt project ('Disko'),
located on the west coast of Greenland. The Company has a joint venture with
KoBold Metals and is working to agree value enhancing work programmes for
2024. Disko has the potential to host a truly world-class nickel-copper-cobalt
deposit.

·    Portfolio Enhancement: Bluejay is evaluating various opportunities
to hand to enhance shareholder value from within its broader portfolio to
create short term value for shareholders.

 

 

 

 

 

Eric Sondergaard, Managing Director, stated:

"I am honoured to have been entrusted to lead the Company through this
transformative period. The Board recognises a notable disparity between the
intrinsic value of our projects and our current market capitalisation.

"Bluejay's sole purpose is to deliver accretive shareholder value. We believe
in the immense potential of our projects, particularly the Disko-Nuussuaq
Project, which has the potential to provide green transition metals on a large
scale, in a time where demand is expected to continue to increase
significantly, driven by the energy transition, and we are determined to
bridge the gap between our true value and the market's perception.

"While we implement robust cost reduction measures aimed at ensuring our
near-term financial stability, it is important to acknowledge that these
initiatives may take some time to fully reflect in our financial performance.

"With a strategic vision and a fully supportive Board of Directors, we are
confident that Bluejay will emerge stronger, more resilient, and better
positioned to maximise shareholder returns. Our focus remains on delivering
tangible and lasting value to our investors as we navigate this journey of
growth and prosperity. Thank you for your patience and we look forward to
enjoying the future successes with you."

 

 

For further information please visit http://www.bluejaymining.com
(http://www.bluejaymining.com)  or contact:

 Eric Sondergaard          Bluejay Mining plc               eric@bluejaymining.com
 Ewan Leggat / Adam Cowl   SP Angel Corporate Finance LLP   +44 (0) 20 3470 0470

(Nominated Adviser and Broker)
 Tim Blythe / Megan Ray /  BlytheRay                        +44 (0) 20 7138 3205

Said Izagaren
(Media Contact)

 

About Bluejay Mining plc

Bluejay is listed on the London AIM market and Frankfurt Stock Exchange and
its shares also trade on the OTCQB Market in the US. With multiple projects in
Greenland and Finland, Bluejay offers both portfolio and commodity
diversification focused on base and precious metals in Tier 1 jurisdictions.

Bluejay, through its wholly owned subsidiary Disko Exploration Ltd., has
signed a definitive Joint Venture Agreement with KoBold Metals to guide
exploration for new deposits rich in the critical materials required for the
green energy transition and electric vehicles (the Disko-Nuussuaq
nickel-copper-cobalt-PGE Project). This project is Bluejay's primary focus.

Disko Exploration Ltd holds two additional projects in Greenland - the 692 sq
km Kangerluarsuk zinc-lead- silver project, where historical work has
recovered grades of up to 45.4% zinc, 9.3% lead and 596 g/t silver; and the
920 sq km Thunderstone project which has the potential to host large-scale
base metal and gold deposits. Bluejay also owns 100% of the fully
permitted Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in
northwest Greenland.

In Finland, Bluejay currently holds three large scale multi-metal projects
through its wholly owned subsidiary FinnAust Mining Finland Oy. The Company
has identified multiple drill ready targets at the Enonkoski
nickel-copper-cobalt project in East Finland. Bluejay's Hammaslahti
copper-zinc-gold-silver project hosts high-grade VMS mineralisation and
extensions of historical ore lodes have been proven. The drill ready Outokumpu
copper-nickel-cobalt-zinc-gold-silver project is located in a prolific
geological belt that hosts several high-grade former mines. In August 2023,
Bluejay successfully divested its Black Schist Projects in Finland to Metals
One plc in a transaction worth £4.125 million (Bluejay currently owns c.
29% of the issued ordinary share capital of AIM listed Metals One plc).

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEKQLFFZFLLBBZ