REG - Tertiary Minerals - Placing of £350,000

Tertiary MineralsAnnouncement

06/06/2025 11:45

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RNS Number : 8346L  Tertiary Minerals PLC  06 June 2025

 

 

 

 

 

("Tertiary" or "the Company")

 

6 June 2025

 

Placing of £350,000

Tertiary Minerals plc (AIM: TYM), the explorer focussed on energy transition
and precious metals in Zambia and Nevada, is pleased to announce it has raised
£350,000 before expenses through a placing (the "Placing") of 1,166,666,667
new ordinary shares of 0.01 pence each in the Company (the "New Shares") at a
price of 0.030 pence per share (the "Placing Price") as detailed below. The
Placing was made with institutional investors and was arranged through the
Company's joint brokers, Peterhouse Capital Limited ("Peterhouse") and SP
Angel Corporate Finance LLP ("SPAngel").

The Company is currently in a close period as the Company will release its
interim results to 31 March 2025 before the end of June 2025. Certain
Directors of the Company have indicated their intention to subscribe an
additional amount of £25,000 in aggregate for 83,333,333 new ordinary shares
as detailed below, on the same terms as the Placing once the Company is no
longer in a close period.

Commenting today, Managing Director Richard Belcher said:

"This capital raise will allow us to advance our Mushima North
(copper-silver-zinc) Project in Zambia, where we plan to build on the last
year's successful exploration at the A1 target. Funds will be used for an
air-core drill programme to test the over 1km strike extent of the
silver-in-soil anomaly situated in the broader kilometre-scale zinc- and
copper-in-soil anomalies where scout drilling late last year intersected thick
and wide zones of silver-copper-zinc mineralisation with many holes ending in
mineralisation.

"Elsewhere, we look forward to progress across the projects managed by our
Joint Venture partners and continue to look at opportunities to advance our
other projects in Zambia and the US through strategic partnerships.

"I would like to take the opportunity to thank existing and new shareholders
for their continued support and I look forward to providing updates across our
exciting project portfolio over the upcoming months."

Placing Details

The Placing comprises a placing of 1,166,666,667 new ordinary shares at the
Placing Price. The Placing Price represents a discount of 25.0% to the closing
bid-price on 5 June 2025 and the New Shares represent approximately 23.9% of
the Company's issued ordinary share capital as enlarged by the Placing.

The New Shares are being issued under the Company's existing share issue
authorities.

Under the terms of its engagement, Peterhouse will be issued with 20,000,000
warrants each warrant entitling the holder to subscribe for one new ordinary
share at the Placing Price at any time within 12 months.

 

Directors' Intentions

The Directors have not been able to participate in the fundraise as the
Company is currently in a close period by reason of the upcoming publication
of its Interim Results. Certain directors have, however, indicated an
intention to subscribe for a total of 83,333,333 shares at the Placing Price
for an aggregate amount of £25,000 (the "Subscription) as follows.

·    Richard Belcher (Managing Director): £10,000

·    Patrick Cheetham (Executive Chairman): £10,000

·    Donald McAlister (Non-Executive Director): £5,000

As directors of the Company, Messrs Belcher, Cheetham and McAlister are
"related parties" of the Company under the AIM Rules for Companies (the "AIM
Rules").  As a result, any subscription for shares once the Company is no
longer in a close period will constitute a related party transaction pursuant
to Rule 13 of the AIM Rules and will therefore be conditional on Dr. Mike
Armitage, the sole independent Director in this matter, being satisfied at
that time that the terms of the Directors' subscriptions and reasonable in so
far as the Company's shareholders are concerned.

 

A further announcement will be made regarding any such subscription.

 

Admission

 

The New Shares will rank pari passu with the Company's existing ordinary
shares.  An application has been made to the London Stock Exchange for
admission of the Placing Shares to trading on AIM. Admission is expected to
occur at 8.00 a.m. on or around Thursday 12 June 2025.

Use of Proceeds

The net funds raised will be applied to drilling at the Company's Mushima
North Project and for working capital.

Total Voting Rights

Following Admission of the New Shares, the Company's enlarged issued share
capital will be 4,879,676,240 ordinary shares.

 

The Company holds no ordinary shares in treasury. The total number of voting
rights in the Company is therefore 4,879,676,240 and this figure may be used
by shareholders as the denominator for the calculations by which they
determine if they are required to notify their interest in, or a change to
their interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

 

Further Information:

 

 Tertiary Minerals plc:
 Richard Belcher, Managing Director  +44 (0) 1625 838 679

 SP Angel Corporate Finance LLP

 Nominated Adviser and Broker
 Richard Morrison/Jen Clarke         +44 (0) 203 470 0470
 Peterhouse Capital Limited

 Joint Broker
 Lucy Williams/Duncan Vasey          +44 (0) 207 469 0930

 

 

 

Market Abuse Regulation

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

About Tertiary Minerals plc

 

Tertiary Minerals plc (AIM: TYM) is an AIM-traded mineral exploration and
development company whose strategic focus is on energy transition metals. The
Company's projects are all located in stable and democratic, geologically
prospective, mining-friendly jurisdictions. Tertiary's current principal
activities are the discovery and development of copper and precious metal
mineral resources in Zambia and Nevada.

 

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